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 – 2.1600 and 2.1800

By: Dima Chernovolov

  • GBP/NZD reached buy target level 2.1400
  • Next buy targets – 2.1600 and 2.1800

GBP/NZD continues to rise after the recent breakout of the resistance level 2.1400, which was set as the buy target in our previous report for this currency pair. The price earlier corrected down to the support zone lying at the intersection of the support level 2.1200 and the 50% Fibonacci Correction of the previous upward impulse from the end of the earlier minor correction 2 (as you can see from the daily GBP/NZD chart below). GBP/NZD reversed up from this support zone – breaking today the resistance level 2.1400.

GBP/NZD is likely to rise further toward the next buy targets at 2.1600 and 2.1800. Buy stop-loss can be placed below the recently broken, former resistance level 2.1400.

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