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: buy target - 0.7850

  • NZD/USD broke strong resistance zone
  • Next buy target - 0.7850

NZD/USD continues to rise – following the earlier breakout of the strong resistance zone lying at the intersection of the resistance level 0.7630 (which has been reversing the pair from February) and the 61.8% Fibonacci Correction of the previous sharp downward C-wave from the middle of January. The breakout of this resistance zone should accelerate the active C-wave of the intermediate ABC correction (B) from the start of February.

Given that the pair opened this week with the sharp upward gap, NZD/USD can be expected to rise further toward the next buy target 0.7850 (former resistance level which reversed the price in December and January).

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