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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 reversed from support zone

  • NZD/USD reversed from support zone
  • Next buy target - 0.6850

NZD/USD has been rising in the last few trading sessions – following the earlier sharp upward reversal from the support zone lying between the support level 0.6670 (low of the previous minor correction (iv)), lower daily Bollinger Band and the 50% Fibonacci correction of the previous sharp upward impulse from January. The upward reversal form this support zone created the daily Japanese candlesticks reversal pattern Morning Star.

NZD/USD is likely to rise further to the next buy target at the nearby resistance level 0.6850 (which reversed the previous minor correction (ii), as can be seen from the daily NZD/USD chart below).

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