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: buy target - 0.6700

By: Dmitriy Chernovolov

  • NZD/USD broke resistance level 0.6460
  • Next buy target - 0.6700

NZD/USD continues to rise inside the (c)-wave of the 4th minor corrective wave 4 from the start of October. The pair opened today by breaking the resistance level 0.6460 (which reversed previous minor (a)-wave of the active ABC correction 4). The breakout of this of this resistance level is likely to strengthen the bullish pressure on NZD/USD in the coming trading sessions.

NZD/USD is expected to rise further in the active waves (c) and 4 toward the next buy target at the strong resistance level 0.6700 (which reversed previous waves (a) and 2 in July and August, standing close to the 50% Fibonacci Correction of the previous downward impulse wave from the start of June, as you can see below).

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