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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 – 2.3270 and 2.3550

By: Dima Chernovolov

  • GBP/NZD reversed from support zone
  • Next buy targets – 2.3270 and 2.3550

GBP/NZD recently reversed up from the support zone surrounding the support level 2.2600 (former resistance level which was set as the buy target in our previous forecast for this pair, acting as support now after it was broken by the previous minor impulse wave 3). The upward reversal from this support zone completed the earlier minor correction 4 – starting the active impulse wave 5 (of the 5th intermediate impulse (5) from May).

GBP/NZD is likely to rise further in the active impulse waves 5, (5) and ③ toward the next buy targets 2.3270 and 2.3550.

 

GBP
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