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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 – 0.6800

By: Dima Chernovolov

  • NZD/USD falls inside impulse waves 3 and (5)
  • Next sell target – 0.6800

NZD/USD has been falling strongly in the last few trading sessions – following the earlier breakout of the strong resistance level 0.7200 (which was later retested with the Evening Star) and the lower support trendline of the extended daily down channel from last October (as you can see from the daily NZD/USD chart below). Each of these support breakouts intensified the bearish pressure on NZD/USD.

NZD/USD is likely to fall further inside the active impulse waves 5 and (3) toward the next sell target 0.6800. The pair is likely to correct up after reaching this support level.

 

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