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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.

EUR/NZD: buy target – 1.6800

By: Dmitriy Chernovolov

  • EUR/NZD reached buy target 1.6600
  • Next buy target – 1.6800

EUR/NZD has been rising steadily in the last few trading days inside the minor impulse waves (iii) and 3 (as can be seen from the daily EUR/NZD chart below) – recently reaching the resistance level 1.6600 – top of previous impulse (i), which was set as the buy target in our previous forecast for this currency pair.

After reaching the resistance level 1.6600, EUR/NZD corrected down shortly– after which it resumed the upward movement and is approaching this price level at the time of the writing. If the price breaks above 1.6600, EUR/NZD can then rise to the next buy target 1.6800.

 

 

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