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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: buy target - 0.6780

By: Dmitriy Chernovolov

  • NZD/USD reversed from multi-year support level 0.6570
  • Next buy target - 0.6780

NZD/USD recently reached the sell target 0.6600, which was set in our previous forecast for this currency pair. After breaking below 0.6600, the pair reversed up sharply from the next major multi-year support level 0.6570, which reversed the price with the monthly Morning Star in May of 2010, as you can see from the monthly NZD/USD chart below.

Given the strength of the support level 0.6570 and oversold monthly Stochastic, NZD/USD can be expected to rise further toward the next buy target at 0.6780.

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