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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 - 0.6500

By: Dmitriy Chernovolov

  • NZD/USD reached sell target 0.6600
  • Next sell target - 0.6500

NZD/USD recently reversed down with the daily Japanese candlesticks reversal pattern Evening Star from the resistance level 0.6800 (which is the lower boundary of the resistance zone lying between the resistance levels 0.6900 and 0.6800; this resistance zone earlier reversed previous waves (A) and B, as you can see below). The downward reversal from this resistance area accelerated the active C-wave of the intermediate (B)-wave from October – helping the price reach the support level 0.6600 (previous sell target set for this currency pair).

NZD/USD is likely to fall further toward the next sell target at the next support level 0.6500 (target price calculated for the completion of the active C-wave).

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