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 sell target 0.9500

  • NZD/CAD reached sell target 0.9500
  • Next sell target 0.9260

NZD/CAD has been falling in the last few trading sessions – after the earlier breakout of the support level 0.9500, which was set as the sell target in our earlier forecast for this currency pair. The breakout of the support level 0.9500 follows the earlier downward reversal from the powerful resistance zone surrounding the long-term resistance level 0.9640, which has been reversing the price from the start of 2014.

Given the strength of the aforementioned resistance zone -  NZD/CAD can be expected to fall down further to the next sell target at the support level 0.9260 (38.2% Fibonacci correction of the previous upward impulse from April).

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