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 - 2.5000

By: Dmitriy Chernovolov

  • GBP/NZD reversed from support trendline
  • Next buy target - 2.5000

GBP/NZD recently reversed up from the support trendline of the daily up channel from April. The upward reversal from this support trendline (which also earlier reversed the price 3 times in August and at the start of this month) completed the recent intermediate correction (2) – which belongs to the 5th primary impulse wave ⑤ from last month.

GBP/NZD is expected to rise further in the active impulse waves (3) and ⑤ toward the next buy target at the resistance level 2.5000 (which stopped the previous sharp impulse ③ in August). Buy stop-loss can be placed below the aforementioned support trendline.


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