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 – 2.100

By: Dmitriy Chernovolov

  • GBP/NZD reversed from resistance trendline
  • Next sell target – 2.100

GBP/NZD recently reversed down from the upper resistance trendline of the extended daily down channel (which has been repeatedly reversing this currency pair from last August, as can be seen from the daily GBP/NZD chart below). The resistance zone near this resistance trendline was strengthened by the 38.2% Fibonacci correction of the previous sharp downward impulse from January.

The downward reversal from this resistance trendline stopped the previous minor impulse wave 1 from the end of February. GBP/NZD is likely to fall further to the next sell target at the support level 2.100, which reversed the price earlier this month.

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