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 rising inside impulse waves (v) and (C)

By: Dmitriy Chernovolov

  • NZD/USD rising inside impulse waves (v) and (C)
  • Next buy target - 0.7050

NZD/USD has been rising sharply in the last few trading sessions inside the minor impulse wave (v), which belongs to the strong intermediate impulse wave (C) from January. The active impulse wave (v) started earlier – when the price reversed up from the support zone lying between the pivotal support level 0.6860 (former strong resistance level from December and March) and the 38.2% Fibonacci correction of the previous upward impulse from March.

NZD/USD is likely to rise further to the next buy target at the resistance level 0.7050 (which stopped the previous minor impulse wave (iii) in April).

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