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 - 0.6650

By: Dmitriy Chernovolov

  • NZD/USD reached sell target 0.6750
  • Next sell target - 0.6650 

NZD/USD today broke sharply through the support level 0.6750, which was set as the sell target in our previous forecast for this currency pair. The breakout of this support level is likely to accelerate the active primary impulse wave ⑤, which started earlier, when the pair reversed down from the powerful, multi-month resistance level 0.6860 (as can be seen from the daily NZD/USD chart below).

The breakout of the support level 0.6750 is likely to accelerate the active primary impulse wave ⑤ toward the next sell target at the support level 0.6650 (standing close to the 38.2% Fibonacci correction of the previous primary ABC correction ④ from the middle of January).

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