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: sell target - 1.7300

By: Dmitriy Chernovolov

  • EUR/NZD reached buy target 1.7750
  • Next sell target - 1.7300

EUR/NZD recently reversed down sharply after the price reached the resistance level 1.7750, which was set as the buy target in our previous forecast for this currency pair. After initially reversing down from this resistance level the pair made two unsuccessful attempts to break above 1.7750 – forming two consecutive Japanese candlestick reversal patterns Bearish Engulfing (as you can see below).

EUR/NZD is likely to fall further inside the active minor impulse wave 3 toward the next support level 1.7300 (which reversed the price with the daily Morning Star at the end of August).

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