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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.

EUR/NZD reached sell target 1.5450

EUR/NZD reached sell target 1.5450
Next sell target - 1.5200

EUR/NZD has been falling in the last few trading sessions inside the minor impulse wave 3, which is a part of the intermediate impulse wave (3) from the start of May. The price reversed down previously from the resistance zone surrounding the lower trendline of the recently broken daily down channel from the middle of January (acting as resistance now after it was broken).

The price is currently trading close to the support level 1.5450 (previous sell target set in our earlier forecast for this pair). If the price breaks below 1.5450 - EUR/NZD can then fall further to the next sell target at the support level 1.5200 (forecast price for the completion of impulse wave 3).

 

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