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 targets - 1.6200 and 1.6400

By: Dima Chernovolov

  • EUR/NZD reached buy target 1.6000
  • Next buy targets - 1.6200 and 1.6400

EUR/NZD continues to rise after recently breaking above the round resistance level 1.6000 – which was set as the buy target in our previous forecast for this currency pair. The breakout of this resistance level is likely to strengthen the bullish pressure on EUR/NZD in the coming trading sessions.

With the accelerating daily Momentum (as you can see from the daily EUR/NZD chart below) - EUR/NZD can be expected to rise further inside the active C-wave (of the intermediate ABC correction (2) from April) toward the next buy targets at 1.6200 and 1.6400.


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