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 - 2.1500.

By: Dmitriy Chernovolov

  • GBP/NZD reached sell target 2.2000
  • Next sell target - 2.1500.

GBP/NZD recently broke sharply below the support level 2.2000, which was set in our earlier forecast as the sell target for this currency pair. The breakout of the support level 2.2000 follows the earlier breakout of the 50% Fibonacci Correction of the previous sharp upward impulse wave from April. These two consecutive support breakouts are likely to accelerate the active impulse waves 3 and (C)- which belong to the extended primary ABC correction ② from August.

GBP/NZD is expected to fall further in the active waves 3 and (C) toward the next sell target at the support level 2.1500 (target price calculated for the termination of the active impulse wave 3).

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