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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.

GBP/NZD broke major support level 1.7750

  • GBP/NZD broke major support level 1.7750
  • Next sell target - 1.7270

GBP/NZD today broke through the major support level 1.7750 (which stopped the three previous impulse waves - ③, (1) and 1, as can be seen from the daily GBP/NZD chart below). The breakout of the support level 1.7750 is expected to accelerate the active impulse wave 3, which belongs to the intermediate impulse wave (3) of the primary downward impulse ⑤ from the middle of July.

GBP/NZD is expected to fall down further toward the next sell target at the support level 1.7270 (forecast price calculated for the completion of the active impulse wave (3)). Sell stop-loss can be placed above the aforementioned price level 1.7750.

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