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 - 2.2000

By: Dmitriy Chernovolov

  • GBP/NZD reached sell target 2.2720
  • Next sell target - 2.2000

GBP/NZD today broke below the support level 2.2720 (which reversed the price earlier in June and July and which was set in our previous report as the sell target for this currency pair). The breakout of this support level coincided with the breakout of the 61.8% Fibonacci Correction of the previous upward impulse from June. The breakout of these two support levels should strengthen the bearish pressure on this currency pair in the coming trading sessions.

GBP/NZD is likely to fall further inside the active accelerated impulse waves 5 and (C) toward the next sell target at the support level 2.2000. Sell stop-loss can be placed above 2.2720.

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