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 broke support level 2.2600
  • Next sell target - 2.2000

GBP/NZD continues to fall after the recent breakout of the support level 2.2600 (which earlier reversed previous waves 3 and (A) in October, as you can see below). The breakout of the support level 2.2600 is likely to accelerate the active minor impulse wave 3, which belongs to the sharp intermediate (C)-wave – which, in turn, belongs to the primary ABC correction ② from the end of August.

GBP/NZD is likely to fall further in the active waves 3, (C) and ② toward the next sell target at the support level 2.2000. Sell stop-loss can be placed at half the daily ATR (Average True Range) above the resistance level 2.2600.

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