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 0.7150

  • NZD/USD reached buy target 0.7150
  • Next buy target - 0.7300

NZD/USD continues to rise strongly inside the 3rd minor impulse wave 3, which recently broke the resistance level 0.7150, which was set as the buy target in our previous forecast for this instrument. The breakout of this resistance level intensified the bullish pressure on NZD/USD – leading to the subsequent breakout of the upper resistance trendline of the wide daily up channel from January.

NZD/USD is likely to rise further in the active impulse waves 3 and (C) toward the next buy target at the resistance level 0.7300 (target price for the completion of wave (C)).

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