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 - 0.6600

By: Dmitriy Chernovolov

  • NZD/USD reversed from resistance level 0.6850
  • Next sell target - 0.6600

NZD/USD continues to fall after the recent double reversal from the resistance zone lying between the resistance level 0.6850 and the 38.2% Fibonacci Correction of the previous sharp downward (C)-wave from the end of April. The first downward reversal from this resistance zone stopped the previous intermediate ABC correction (A). The latest downward reversal from the same resistance area started the C-wave of the active intermediate ABC correction (B).

NZD/USD is likely to fall further in the active waves C and (B) toward the next sell target at the next support level 0.6600. Strong resistance remains at 0.6850.

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