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 reversed from resistance zone
  • Next sell target - 0.6600

NZD/USD recently reversed down from the resistance zone lying at the intersection of the resistance level 0.6770 and the 50% Fibonacci Correction of the previous sharp minor impulse wave (ii) from June – as you can see below. The downward reversal from this resistance area completed the previous minor correction (iv) – starting the active minor impulse wave (v).

NZD/USD is likely to fall further in the active impulse waves (v) and 5 (which belongs to the 3rd intermediate impulse (3) from April) toward the next sell target 0.6600.

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