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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 reversed from long-term support level 1.7670

  • GBP/NZD reversed from long-term support level 1.7670
  • Next buy target - 1.8200

GBP/NZD continues to rise – following the earlier upward reversal from the major long-term support level 1.7670 (which also previously reversed the pair sharply in April of 2013, as can be seen from the weekly GBP/NZD chart below). The upward reversal form this support level occurred well outside of the lower weekly Bollinger Band – which adds to the probability the upward correction will be continued in the nearest time.

With the oversold reading visible on the weekly RSI indicator - GBP/NZD can be expected to rise further from the current levels toward the next buy target at the resistance level 1.8200.

 

GBP
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