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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 reversed from support level 1.6360
  • Next buy target - 1.6800 

EUR/NZD recently reversed down after the pair reached the buy target 1.6800, which was set in our earlier forecast for this currency pair. The downward reversal from 1.6800 created the daily Japanese candlesticks reversal pattern Falling Star – which started the latest minor correction (ii). This correction yesterday reversed up from the support zone lying between the support level 1.6360 (which has been reversing the price from the start of June) and 50% Fibonacci Correction of impulse wave (i).

EUR/NZD is likely to rise further inside the active impulse waves (iii) and 3 and re-test the resistance level 1.6800. Strong support remains at 1.6360.

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