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 - 2.2600

By: Dima Chernovolov

  • GBP/NZD reached buy targets 2.2200 and 2.2400
  • Next buy target - 2.2600

GBP/NZD has been rising strongly in the last few trading sessions breaking through the resistance levels 2.2200 and 2.2400 – both of which were set as the buy targets in our previous forecast for this currency pair. Each of these successive resistance breakouts further accelerated the active minor impulse wave 3 (which is a part of the 5th intermediate impulse (5) from May – belongs to the 3rd primary impulse ③ from last year).

With the accelerating daily Momentum, GBP/NZD is likely to rise further toward the next buy target 2.2600 (target price for the completion of the active impulse wave (5)).

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