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 targets - 2.0930 and 2.1050

By: Dima Chernovolov

  • GBP/NZD reached buy target 2.0500
  • Next buy targets - 2.0930 and 2.1050 

GBP/NZD recently rose sharply – breaking through the resistance level 2.0500, which was set as the buy target in our previous forecast or this currency pair. The breakout of this resistance level intensified the bullish pressure on GBP/NZD – accelerating the active C-wave of the intermediate ABC correction (2) from the strong support level 1.9400, which reversed the pair last month.

The pair is currently trading close to the resistance level 2.0840, which reversed the price in February and March. If GBP/NZD breaks this resistance level – it can be expected to rise further to the next buy targets - 2.0930 (top of previous wave ②) and 2.1050 (top of the primary correction Ⓒ from last September).

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