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.

GBP/NZD reversed from pivotal support level 1.7750

  • GBP/NZD reversed from pivotal support level 1.7750
  • Next buy target - 1.8270

GBP/NZD recently reversed up from the pivotal support level 1.7750 (low of the previous impulse waves ③ and (1)), which was set as the sell target in our earlier forecast for this currency pair. The support zone near the support level 1.7750 was strengthened by the lower daily Bollinger Band. The upward reversal from the 1.7750 stopped the earlier minor impulse wave 3.

Given the oversold reading on the daily Stochastic indicator and the strength of the support level 1.7750 - GBP/NZD is expected to correct up further to the next buy target at the resistance level 1.8270 (which reversed earlier waves (2) and 2).

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