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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.

NZD/CAD reached buy target 0.9650

  • NZD/CAD reached buy target 0.9650
  • Next buy target - 0.9800

NZD/CAD today broke above the resistance level 0.9650 (which reversed the previous impulse wave (i) and which was set as the buy target in our earlier forecast for this currency pair). The breakout of this resistance level is likely to accelerate the active minor impulse wave (iii) – which started earlier - when the pair reversed up from the pivotal support level 0.9550 (former major resistance level from July and August).

NZD/CAD is expected to rise further in the direction of the next buy target at the resistance level 0.9800. Buy stop-loss can be placed at half the daily ATR (Average True Range) below the aforementioned price level 0.9650.

 

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