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 - 2.1400

By: Dima Chernovolov

  • GBP/NZD reached buy targets 2.0930 and 2.1050
  • Next buy target - 2.1400

GBP/NZD has been rising sharply in the last few trading sessions – breaking through the two resistance levels 2.0930 and 2.1050, - both of which were set as the buy targets in our previous forecast for this currency pair. After reaching these targets, GBP/NZD corrected down to the strong support level 2.0840 (former strong resistance level which stopped the previous waves (3) and B in February and March, as you can see below). The price reversed up from this support level with the daily Japanese candlesticks reversal pattern Piercing Line.

GBP/NZD is likely to rise further toward the next buy target 2.1400 (which reversed the price earlier last week). Buy stop-loss can be placed below the strong support level 2.0840.

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