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 2.0500

By: Dmitriy Chernovolov

  • GBP/NZD reached sell target 2.1000
  • Next sell target 2.0500

GBP/NZD recently broke below the support level 2.1000, which was set as the sell target in our previous forecast for this currency pair. The breakout of this support level continues the sharp minor impulse wave 3, which belongs to the intermediate impulse wave (3) of the primary downward impulse wave ③ from last November, as can be seen from the daily GBP/NZD chart below.

GBP/NZD is expected to fall further in the three active impulse waves 3, (3) and ③ toward the next sell target at the support level 2.0500 (target price calculated for the completion of impulse wave (3)). Sell stop-loss can be placed above the recently-broken price level 2.1000.

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