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 - 2.4350 and 2.5000

By: Dmitriy Chernovolov

  • GBP/NZD reversed from support zone
  • Next buy targets - 2.4350 and 2.5000

GBP/NZD recently reversed up strongly from the support zone lying between the support level 2.3800 (which also previously reversed the price with the daily Morning Star at the end of August) and the support trendline of the daily up channel from April. The upward reversal form this support zone created the daily Japanese candlesticks reversal pattern Bullish Engulfing (highlighted below).

GBP/NZD is likely to rise further in the active intermediate impulse wave (3) toward the next buy target at the resistance level 2.4350 – the breakout of which can lead to further gains toward 2.5000.

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