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.

NZD/CAD approached pivotal resistance level 0.9550

  • NZD/CAD approached pivotal resistance level 0.9550
  • Next buy target - 0.9650

NZD/CAD has been rising in the last few trading session inside the minor impulse wave (iii) – which belongs to the impulse wave 3 - which began recently – when the pair reversed up from the support zone lying between the support level 0.9300 (previous buy target set for this currency pair), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous upward impulse 1 from the middle of July.

NZD/CAD is currently trading close to the pivotal resistance level 0.9550 (which has been reversing the price from December). If the pair breaks above 0.9550 – the price can then rise to the next buy target 0.9650. Alternatively, the downward correction to 0.9400 is likely.

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