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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 reached buy target 0.7000

By: Dmitriy Chernovolov

  • NZD/USD reached buy target 0.7000
  • Next buy target - 0.7050

NZD/USD continues to rise after the earlier breakout of the resistance level 0.7000, which was set in our previous forecast as the buy target for this currency pair. The breakout of this resistance level is likely to accelerate the active minor impulse wave 3, which reversed up recently from the support zone lying between the support level 0.6860 (former strong resistance which has been reversing the price from October) and the 38.2% Fibonacci correction of the previous upward impulse from March.

NZD/USD is likely to rise further in the active impulse wave 3 (of the intermediate impulse (C) of the primary wave Ⓒ) toward the next buy target at the resistance level 0.7050 (forecast price for the completion of wave 3).

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