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: buy target - 2.2200

By: Dmitriy Chernovolov

  • GBP/NZD reached sell target 2.1690
  • Next buy target - 2.2200

GBP/NZD continues to rise after the earlier upward reversal from the support zone lying between the support level 2.1690 (previous sell target set for this currency pair) and 2.1550 (low of the previous intermediate impulse wave (1)). The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Bullish Engulfing, which marked the end of the previous minor impulse wave (i).

With the clear bullish divergence visible on the daily Stochastic indicator - GBP/NZD can be expected to rise further from the current levels toward the next buy target at the resistance level2.2200 (which has been reversing the price from the start of January).

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