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 rising inside impulse waves (iii) and 3

  • NZD/USD rising inside impulse waves (iii) and 3
  • Next buy targets - 0.7200 and 0.7300

NZD/USD continues to rise inside the minor impulse wave (iii) – which was started earlier - when the pair reversed up from the support area located between the round support level 0.700 and the 50% Fibonacci correction of the earlier upward impulse (i) from the end of May. The upward reversal form this support zone created the daily Japanese candlesticks reversal pattern Piercing line.

NZD/USD is expected to rise further in the active impulse waves (iii) and 3 toward the next buy target at the resistance level 0.7200, the breakout of which can lead to further gains toward 0.7300.

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