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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 - 0.6500

By: Dmitriy Chernovolov

  • NZD/USD reversed from resistance zone
  • Next sell target - 0.6500

 NZD/USD recently reversed down from the resistance zone lying between the resistance level 0.6740, the upper daily Bollinger Band and the 38.2% Fibonacci Correction level of the previous sharp downward price impulse from the start of June (as you can see below). The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Dark Cloud Cover – thereby completing the previous minor correction 4.

NZD/USD is likely to fall further in the active minor impulse wave 5 toward the next sell target at the support level 0.6500.

 

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