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 – 1.6000

By: Dima Chernovolov

  • EUR/NZD rises inside C-wave
  • Next buy target – 1.6000

EUR/NZD continues to rise after the recent breakout of the resistance trendline of the wide weekly down channel from last year. The breakout of this resistance trendline accelerated the active minor C-wave of the intermediate ABC correction (2) from April. This C-wave earlier broke the resistance levels 1.5400 (which stopped the previous A-wave) and 1.5600. Each of these successive breakouts accelerated the growth of this currency pair.

EUR/NZD is likely to rise further inside the active C-wave toward the next buy target at 1.6000 (target price calculated for the completion of the C-wave).

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