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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 - 0.6600

By: Dmitriy Chernovolov

  • NZD/USD reached sell target 0.6800
  • Next sell target - 0.6600

NZD/USD has been falling sharply in the last few trading sessions – following the earlier breakout of the support level 0.6800, which was set as the sell target in our previous forecast for this currency pair. The breakout of this support level accelerated the active minor impulse waves (iii) and 5 (which are a part of the sharp extended intermediate impulse wave (3) from May, as you can see below).

NZD/USD is likely to fall further inside the 3 accelerated impulse waves ((iii), 5 and (3)) toward the next sell target 0.6600. The price has to break the daily down channel from April to reach this target.

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