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 falling inside primary impulse wave

  • GBP/NZD falling inside primary impulse wave                       
  • Next sell target - 1.7000 and 1.6500

GBP/NZD has been under bearish pressure recently – following the earlier breakout of the support level 1.7270, which was set as the sell target for this currency pair. The breakout of the support level 1.7270 accelerated the active intermediate impulse wave (3), which is a part of the primary downward impulse wave ③ from the middle of July (which is itself a part of the longer-term downward impulse III from May).

GBP/NZD is expected to fall to the next sell target at the support level 1.7000 – the breakout of which can lead to further losses toward 1.6500 (forecast price for the completion of the active downward impulse III).

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