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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: sell target - 0.8700

By: Dima Chernovolov

  • NZD/CAD reached sell target 0.8800
  • Next sell target - 0.8700

 

NZD/CAD recently broke strongly below the support level 0.8800 (which reversed the previous sharp (A)-wave in May and which was set as the sell target in our previous forecast for this currency pair). The price opened this week with the upward correction – bringing the price close to the broken price level 0.8800 (which is acting as resistance now after it was broken).

If the price breaks back above the resistance level 0.8800 - NZD/CAD can then rise to the next resistance level 0.8900. If the price fails to break above 0.8800 - NZD/CAD is likely to fall further toward the next support level 0.8700.

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