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 sell target 0.6850

By: Dmitriy Chernovolov

  • NZD/USD reached sell target 0.6850
  • Next sell target - 0.6650

NZD/USD has been falling in the last few trading sessions inside the minor impulse wave 3, which belongs to the intermediate impulse wave (C) from the middle of April. The price earlier broke through the support level 0.6850, which was set as the sell target in our previous forecast for this currency pair. The breakout of the support level 0.6850 coincided with the breakout of the support trendline of the daily up channel from January.

NZD/USD is expected to fall further toward the next sell target at the support level 0.6650 (target price calculated for the completion of the active minor impulse wave 3). Strong resistance now stands at 0.6850.

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