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 - 1.5400 and 1.5600

By: Dima Chernovolov

  • EUR/NZD reached buy target 1.5200
  • Next buy target - 1.5400 and 1.5600

EUR/NZD has been rising in the last few trading sessions inside the second minor corrective wave 2, which started in the middle of last month. This minor correction recently broke the resistance level 1.5200, which was set as the buy target in our previous technical analysis report for this currency pair. The breakout of this resistance level was preceded by the breakout of the pivotal resistance level 1.5000 (coinciding with 50% Fibonacci Correction of the earlier downward impulse from December).

EUR/NZD is currently trading close to the resistance trendline of the wide daily down channel from last September. If the pair breaks this trendline - EUR/NZD can then rise to the next buy targets 1.5400 and 1.5600.

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