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 - 0.7150

NZD/USD recently reversed up sharply from the support zone lying between the round support level 0.7000 and the 38.2% Fibonacci correction of the previous sharp upward impulse from the end of May. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Bullish Engulfing which marked the completion of the previous minor correction (a), as can be seen below.

NZD/USD is likely to rise further in the active minor (b)-wave toward the next buy target at the resistance level 0.7150 (which stopped the previous minor impulse wave (i) at the start of this month).


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