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 reversed from resistance zone

  • EUR/NZD reversed from resistance zone
  • Next sell target - 1.5450

EUR/NZD recently reversed down sharply from the resistance zone lying between the pivotal resistance level 1.5840 (former strong support from December, which was set as the sell target in our previous forecast for this currency pair) and the 38.2% Fibonacci correction of the previous sharp downward impulse from the start of June. The downward reversal from this resistance zone completed the earlier minor correction (ii) of the impulse wave 5 of the intermediate downward impulse wave (3) from May.

EUR/NZD is expected to fall further to the next sell target at the support level 1.5450 (low of the previous minor impulse wave (i)). Strong resistance remains at 1.5840.

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