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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.

EUR/NZD: sell targets - 1.4120 and 1.4000

  • EUR/NZD falls inside minor impulse 3
  • Next sell targets - 1.4120 and 1.4000

EUR/NZD recently reversed down strongly from the resistance level 1.4500 (which has been reversing this currency pair from the middle of last month, as you can see from the daily EUR/NZD chart below). The resistance zone near 1.4500 was further strengthened by the upper daily Bollinger Band and by the 38.2% Fibonacci Correction of the previous sharp downward impulse wave from February. The downward reversal from 1.4500 completed the previous minor ABC correction 2 – starting the active minor impulse 3, which then broke the daily Triangle from March.

EUR/NZD is expected to fall further in the active minor impulse wave 3 toward the next sell targets - 1.4120 (low of the earlier impulse wave 1) and 1.4000.

EUR
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