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 - 2.2720

By: Dmitriy Chernovolov

  • GBP/NZD reached sell target 2.3350
  • Next sell target - 2.2720

GBP/NZD continues to fall strongly – following the earlier breakout of the support level 2.3350, which was set as the sell target in our previous forecast for this currency pair. The breakout of this support level (which earlier reversed the price twice in August) intensified the bearish pressure on GBP/NZD – accelerating the active minor impulse wave 5, which belongs to the intermediate (C)-wave from September.

GBP/NZD is expected to fall further inside the active waves 5 and (C) toward the next sell target at the support level 2.2720 (previous monthly low from July and the forecast price for the completion of active wave (C)).

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