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: buy target – 2.0500

By: Dima Chernovolov

  • GBP/NZD broke round resistance level 2.0000
  • Next buy target – 2.0500

GBP/NZD has been rising strongly in the last few trading days – following the earlier sharp upward reversal from the major long-term support level 1.9400 (which has reversed the price multiple times from last September, as can be seen from the daily GBP/NZD chart below). The latest upward reversal from the support level 1.9400 started the active minor ABC correction 2. The price yesterday broke the round resistance level 2.0000 (top of the previous minor correction (iv)). The breakout of this resistance level further accelerated the active minor (c)-wave.

GBP/NZD is likely to rise further inside the active minor (c)-wave toward the next buy target at 2.0500 (which is the forecast price for the termination of the active ABC correction 2).

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