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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: buy target - 0.9600

  • NZD/CAD reversed from support zone
  • Next buy target - 0.9600

 

NZD/CAD recently reversed up sharply from the support zone lying between the support level 0.9350 and the 50% Fibonacci Correction of the previous sharp minor impulse 1 from last month (as you can see from the daily NZD/CAD chart below). The upward reversal form this support zone created the daily Japanese candlesticks reversal pattern Piercing Line – which marked the end of the previous minor correction 2 – and started the active minor impulse 3. The pair is currently trading close to the resistance level 0.9500.

 

If NZD/CAD breaks the resistance level 0.9500, the price can then rise to the next buy target at the resistance level 0.9600 (which stopped the previous sharp minor impulse wave 1 in March, as you can see below).

CAD
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