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: sell target – 0.7000

By: Dima Chernovolov

  • NZD/USD broke support level 0.7180
  • Next sell target – 0.7000

NZD/USD recently broke sharply below the powerful support level 0.7180 (which previously stopped the strong waves (5) and (B) in February and March). The breakout of this support level intensified the bearish pressure on NZD/USD – accelerating the active impulse wave 3 (which is a part of the intermediate impulse (3) from last month). Given the strongly oversold reading on the daily Stochastic indicator, NZD/USD might correct up to test the broken price level 0.7180.

Alternatively, the pair might continue to fall in the active impulse waves 3 and (3) toward the next sell target 0.7000. Sell stop-loss can be placed above the resistance level 0.7180.


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