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 - 2.1690

By: Dmitriy Chernovolov

  • GBP/NZD reversed from resistance zone
  • Next sell target - 2.1690

GBP/NZD recently reversed down sharply from the resistance zone lying between the strong resistance level 2.2200 (which has been reversing the price from last month, as you can see below), the upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp downward impulse wave 1 from the middle of November. The latest downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Falling Star.

Given the strength of the resistance zone near the resistance level 2.2200 - GBP/NZD is likely to fall further from the current levels toward the next sell target at the support level 2.1690 (which stopped the previous (a)-wave in January).

Scroll to top