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 falling inside minor correction (ii)

  • NZD/USD falling inside minor correction (ii)
  • Next sell target – 0.6980

NZD/USD recently reversed down sharply from the resistance zone lying between the resistance level 0.7300 (top of wave (iii) and the previous buy target set in our earlier forecast for this currency pair), upper daily Bollinger Band and the resistance trendline of the wide daily up channel from January. The downward reversal from this resistance zone started the active minor correction (ii).

NZD/USD is likely to fall further to the next sell target at the strong support level 0.6980 (which reversed the price twice in June) - intersecting with the 50% Fibonacci correction of the previous sharp upward impulse from May.

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