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 - 0.7000

By: Dmitriy Chernovolov

  • NZD/USD broke pivotal resistance level 0.6860
  • Next buy target - 0.7000

NZD/USD recently broke above the pivotal resistance level 0.6860 (which had stopped previous waves 3, (ii), (A) and (i), as can be seen from the daily NZD/USD chart below). The breakout of this resistance level accelerated the active minor impulse waves (iii) and 3 – which belong to the intermediate (C)-wave from the middle of January.

NZD/USD is likely to rise further in the active impulse waves 3 and (C) toward the next buy target at the round resistance level 0.7000. Buy stop-loss can be placed at half the daily ATR (Average True Range) below the aforementioned price level 0.6860.

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