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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 – 2.2200 and 2.2400

By: Dima Chernovolov

  • GBP/NZD reached buy target 2.1600
  • Next buy targets – 2.2200 and 2.2400

GBP/NZD recently broke sharply above the resistance level 2.1600 (which was set as the buy target in our previous forecast for this currency pair) and 2.1800. The breakout of these successive resistance levels should further accelerate the active minor impulse wave 3 – which belongs to the 5th intermediate impulse (5) of the 3rd primary impulse ③ from April.

GBP/NZD is likely to rise further toward the next buy targets at 2.2200 (target price for the termination of impulse wave 3) and 2.2400 (target price for the termination of the longer-term impulse wave (5)).

 

GBP
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