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: sell target - 2.3350

By: Dmitriy Chernovolov

  • GBP/NZD falls inside intermediate (C)-wave
  • Next sell target - 2.3350 

GBP/NZD has been falling steadily in the last few trading sessions – following the earlier sharp downward reversal from the pivotal resistance level 2.4500 (which has been reversing the price from the end of last month, as can be seen below). The latest downward reversal from the resistance level 2.4500 started the 3rd minor impulse wave 3 of the intermediate (C)-wave, which belongs to the primary ABC correction ④ from August.

The active impulse wave 3 recently broke the daily up channel from April. GBP/NZD is currently approaching the support level 2.3800. If the price breaks this support level - GBP/NZD can then fall to the next sell target 2.3350.

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