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 - 0.9360

By: Dima Chernovolov

  • NZD/CAD reversed from strong support level 0.9180
  • Next buy target - 0.9360

NZD/CAD last Friday reversed up strongly from the powerful support level 0.9180 (which also previously reversed the pair sharply in March, as you can see from the daily NZD/CAD chart below). The support zone near the support level 0.9180 was further strengthened by the 50% Fibonacci Correction of the previous extended upward impulse from December and by the lower daily Bollinger Band.

With the daily Stochastic still trading in the oversold territory, NZD/CAD can be expected to rise further toward the next buy target at the resistance level 0.9360. Buy stop-loss can be placed at half the daily ATR below the aforementioned support level 0.9180.

Scroll to top