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 recently reversed down from the resistance level 0.6900 coinciding with the 50% Fibonacci Correction of the previous downward impulse wave from the end of the previous minor correction 4. The downward reversal from this resistance zone continues the active impulse waves 3 and (5) – which are a part of the sharp, primary downward impulse wave ③ from the end of April (as you can see below).

NZD/USD is likely to fall further toward the next sell target at the support level 0.6800. Sell stop-loss can be placed above the aforementioned resistance level 0.6900.

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