Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

NZD/USD reversed from support zone

  • NZD/USD reversed from support zone
  • Next buy target - 0.7240

NZD/USD recently reversed up sharply from the support zone lying between the support level 0.7080 (which was set as the sell target in our previous forecast for this currency pair), the lower daily Bollinger Band and the 50% Fibonacci correction of the earlier sharp upward impulse from the end of May, as can be seen from the daily NZD/USD chart below. The upward reversal from this support zone stopped the previous intermediate ABC correction (4).

NZD/USD is expected to rise further toward the next buy target at the pivotal resistance level 0.7240 (former strong support from August and September).

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