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 - 1.6600

By: Dima Chernovolov

  • EUR/NZD reached buy targets 1.6200 and 1.6400
  • Next buy target - 1.6600

EUR/NZD recently corrected down after the price reached both of the buy targets set in our previous forecast for this currency pair - 1.6200 and 1.6400. The price corrected down to the support zone lying between the round support level 1.6000 and the 61.8% Fibonacci Correction of the previous upward impulse from the start of June. The pair subsequently reversed up sharply from this support zone and continues to rise at the moment.

EUR/NZD is likely to rise further inside the active minor impulse wave 3 toward the next buy target 1.6600 (which stopped the earlier impulse (i)).

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