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 - 1.7750

By: Dmitriy Chernovolov

  • EUR/NZD reached buy target 1.7250
  • Next buy target - 1.7750 

EUR/NZD opened this week with the sharp upward gap – breaking through the resistance level 1.7250 (which was set in our previous report as the buy target for this currency pair). The breakout of this resistance level was preceded by the upward reversal from the support zone lying at the intersection of the support trendline of the daily up channel from April and the support level 1.6800 (former upper boundary of the sideways price range from the end of June, acting as support now, after it was broken recently).

 EUR/NZD is likely to rise further inside the active impulse waves (iii) and 5 toward the next buy target at the resistance level 1.7750.

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