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 - 1.5820

By: Dmitriy Chernovolov

  • EUR/NZD falling inside intermediate (C)-wave
  • Next sell target - 1.5820

EUR/NZD continues to fall inside the intermediate (C)-wave of the primary ABC correction ② from the end of August. The active (C)-wave started earlier this month – when the pair reversed down with the daily Japanese candlesticks reversal pattern Falling Star from the resistance zone lying between the resistance level 1.6500, the upper daily Bollinger Band and the 38.2% Fibonacci Correction of the previous downward impulse from September.

EUR/NZD is likely to fall further toward the next sell target at the support level 1.5820 (which stopped the previous (A)-wave at the start of this month, as you can see below).

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