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 0.7050

By: Dmitriy Chernovolov

  • NZD/USD reached buy target 0.7050
  • Next sell target - 0.6850

NZD/USD continues to fall inside the 3rd intermediate impulse wave (3) – which started earlier when the pair reversed down from pivotal resistance level 0.7050 (which was set as the buy target in our previous forecast for this currency pair). The resistance level 0.7050 also previously reversed the price sharply in the middle of April – starting the active primary impulse wave ③. Both of the last downward reversals from resistance level 0.7050 created the daily Japanese candlesticks reversal patterns Bearish Engulfing.

NZD/USD is likely to fall further to the next sell target at the support level 0.6850 (standing close to the 38.2% Fibonacci correction of the previous upward price impulse from the middle of March).

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