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 - 2.4000

By: Dmitriy Chernovolov

  • GBP/NZD approaches resistance level 2.3500
  • Next buy target - 2.4000

GBP/NZD continues to rise inside the intermediate impulse wave (5) – which started from the strong support area lying between the support level 2.2700 (which also previously reversed wave 4 in June), the support trendline of the daily up channel from April and the 38.2% Fibonacci Correction of the previous upward impulse from June.

GBP/NZD is currently approaching the resistance level 2.3500 (which reversed the previous intermediate impulse wave (3) in June). If the price breaks this resistance level - GBP/NZD can then rise to the next buy target at the resistance level 2.4000.


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