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 intermediate impulse wave (3)

  • GBP/NZD falling inside intermediate impulse wave (3)
  • Next sell target - 1.8200

GBP/NZD recently broke sharply through the support zone lying between the support trendline of the extended daily down channel from last September and the two support levels: 2.000 (which stopped the earlier intermediate impulse wave (1) in the middle of June, as can be seen below), 1.9500 and 1.9000. The breakout of this support zone greatly accelerated the active intermediate impulse wave (3).

GBP/NZD is likely to fall further to the next sell target at the support level 1.8200 (forecast price calculated for the termination of the active impulse wave (3)). Strong resistance now stands at 1.9500 and 1.9000.

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