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 - 2.400

By: Dmitriy Chernovolov

  • GBP/NZD reversed from support zone
  • Next buy target - 2.400 

GBP/NZD continues to rise – following the earlier sharp upward reversal from the support area lying at the intersection of the following support levels: the support trendline of the daily up channel from April, the 61.8% Fibonacci Correction of the previous sharp upward impulse wave 5 and the support level 2.3270. The upward reversal from this support area completed the previous intermediate ABC correction (4).

GBP/NZD is likely to rise further inside the active intermediate impulse wave (5) toward the next buy target at the resistance level 2.400 (which stopped the previous sharp impulse wave (3)).

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