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 - 0.6200

By: Dmitriy Chernovolov

  • NZD/USD reached sell target 0.6300
  • Next sell target - 0.6200

NZD/USD has been under strong bearish pressure lately – reaching the support level 0.6300, which was set as the sell target in our previous forecast for this currency pair. The price previously broke below the support trendline of the daily down channel from 2014 - which accelerated the active intermediate impulse wave (5) – which belongs to the primary downward impulse ③ from the end of April.

NZD/USD is likely to fall further inside the active impulse waves (5) and ③ toward the next sell target at the support level 0.6200. Sell stop-loss can be placed at one daily ATR above the resistance level 0.6300.

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