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 falling inside minor impulse wave (iii)

  • GBP/NZD falling inside minor impulse wave (iii)
  • Next sell target - 2.0830

GBP/NZD has been falling strongly in the last few trading sessions inside the minor impulse wave (iii) – which belongs to impulse 3 from the middle of January (which is itself a part of the extended intermediate impulse wave (3) from last November). The active impulse wave (iii) started earlier - when the pair reversed down from the resistance zone lying between the resistance level 2.2000 and the 50% Fibonacci correction of the previous sharp downward impulse from November.

GBP/NZD is likely to fall further toward the next sell target at the support level 2.0830 (low of the previous minor correction (b)). Strong resistance now stands at 2.140.

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