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 reversed from long-term resistance level 0.9640

  • NZD/CAD reversed from long-term resistance level 0.9640
  • Next sell target - 0.9500

NZD/CAD continues to fall – following the earlier sharp downward reversal from the major long-term resistance level 0.9640 (which has been reversing this currency pair from the start of 2014, as can be seen from the weekly NZD/CAD chart below). If the pair closes this week near the current levels – it will then form the strong weekly Japanese candlesticks reversal pattern Falling Star (strong bearish signal).

Given the overbought reading on the weekly Stochastic indicator - NZD/CAD can be expected to correct down further to the next sell target at the support level 0.9500. Powerful resistance remains at 0.9640.

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