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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 - 1.7250

By: Dmitriy Chernovolov

  • EUR/NZD reached buy target 1.6750
  • Next buy target - 1.7250

EUR/NZD continues to rise after the recent breakout of the resistance level 1.6750 (which was set as the buy target in our previous forecast for this currency pair). The resistance level 1.6750 is also the upper boundary of the sideways price range inside which the pair has been trading from the start of last month (as you can see below). The breakout of this price range accelerated the active impulse waves (iii) and 3.

EUR/NZD is likely to rise further in the active impulse waves (iii) and 3 toward the next buy target at the resistance level 1.7250 (calculated price for the completion of the impulse wave 3). Buy stop-loss can be placed below the support level 1.6750.

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