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.

EUR/NZD falling inside intermediate impulse wave (3)

  • EUR/NZD falling inside intermediate impulse wave (3)
  • Next sell target - 1.6400

EUR/NZD has been falling in the last few trading sessions inside the intermediate impulse wave (3), which started earlier - when the pair reversed down from the strong resistance zone lying between the pivotal resistance level 1.6840 (which reversed previous corrective waves A and (b)), upper daily Bollinger Band and the 50% Fibonacci correction of the previous intermediate impulse wave (1) from the middle of January.

EUR/NZD is likely to continue to fall inside the active intermediate impulse wave (3) (which belongs to the primary impulse wave ③ from January) toward the next sell target at the support level 1.6400. Strong resistance remains at 1.6840.

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