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 - 0.6900

By: Dmitriy Chernovolov

  • NZD/USD broke resistance level 0.6800
  • Next buy target - 0.6900

NZD/USD has been rising in the last few trading sessions inside the 3rd minor impulse wave 3 - which belongs to the intermediate (C)-wave from the middle of November. The active impulse wave 3 earlier reversed up sharply with the daily Japanese candlesticks reversal pattern Morning Star from the support zone lying between the support level 0.6600 and the 50% Fibonacci Correction of the previous upward price impulse from November.

Having recently broken above the resistance level 0.6800 - NZD/USD is likely to rise further toward the next buy target at the next strong resistance level 0.6900 (which stopped the previous (A)-wave in October).

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