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 - 0.6300

By: Dmitriy Chernovolov

  • NZD/USD reached sell target 0.6500
  • Next sell target - 0.6300

NZD/USD continues to fall after the recent breakout of the pivotal support level 0.6500, which was set in our previous forecast as the sell target for this currency pair. The breakout of this support level greatly intensified the bearish pressure on this currency pair- leading to the sharp sell-off which was stopped by the strong support level 0.6300 (as you can see below).

The pair then corrected up to the resistance level 0.6500 – from where it reversed down and continues to fall at the time of the writing. NZD/USD is likely to fall further and re-test the support level 0.6300.

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