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 –0.8800

By: Dima Chernovolov

  • NZD/CAD broke support level 0.8900
  • Next sell target –0.8800

NZD/CAD recently reversed down sharply – after the pair reached the resistance level 0.9030, which was set as the buy target in our previous forecast for this currency pair. The strong downward reversal from this resistance level led to the sharp sell-off, helping the pair today break through the support level 0.8900 (which reversed the previous intermediate correction (2), as you can see below).

The breakout of the support level 0.8900 should intensify the bearish pressure on NZD/CAD in the nearest time. NZD/CAD is likely to fall to the next sell target at the next strong support level 0.8800 (low of the earlier wave ②).

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