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: buy target - 1.5200

By: Dima Chernovolov

  • EUR/NZD reached buy target 1.4800
  • Next buy target - 1.5200 

EUR/NZD recently broke above the resistance level 1.4800 which was set as the buy target in our earlier forecast for this currency pair. The breakout of this resistance level (former strong support level which reversed the previous intermediate impulse wave (1) in the middle of January, as you can see below) intensified the bullish pressure on EUR/NZD – helping the price break above the 200-day moving average (giving the strong bullish signal).

With the daily Momentum indicator recently reaching new yearly highs, EUR/NZD can be expected to rise further inside the active minor impulse wave 2 toward the next buy target at the resistance level 1.5200.

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