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 - 2.1000

By: Dmitriy Chernovolov

  • GBP/NZD broke strong support zone
  • Next sell target - 2.1000

GBP/NZD continues to fall after the recent sharp breakout of the strong support zone lying between the support levels 2.1550 and 2.1750 (which has been reversing this currency pair from the end of December, as can be seen from the daily GBP/NZD chart below). This support zone earlier reversed up the previous impulse waves (1) and (i). The breakout of this support zone is likely to accelerate the active minor impulse wave 3, which belongs to intermediate impulse (3) of the primary Ⓒ-wave from November.

GBP/NZD is likely to fall further toward the next sell target at the support level 2.1000 (target price for the completion of the active impulse wave 3).

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