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: sell target – 0.8900

By: Dima Chernovolov

  • NZD/CAD reversed from resistance zone
  • Next sell target – 0.8900

NZD/CAD recently reversed down sharply from the resistance zone lying between the resistance level 0.9030 (former strong support level which reversed wave (2) in February) and the 61.8% Fibonacci Correction of the previous sharp downward impulse wave (which earlier broke the major support level 0.9180 and the support trendline of the wide daily up channel from December, as you can see below).

Given the strong intraday downtrend inside which the pair has been falling in the last two months - NZD/CAD can be expected to fall further toward the next sell target at the nearby support level 0.8900. Strong resistance remains at 0.9030.

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