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 targets - 1.4250 and 1.4300

 By: Dmitriy Chernovolov

  • NZD/CAD broke sideways price range
  • Next buy targets - 1.4250 and 1.4300

NZD/CAD continues to rise after the recent breakout of the resistance level 0.8560, which is the upper boundary of the sideways price range inside which the pair has been trading from June (as you can see below). The lower boundary of this price ranges stands at the support level 0.8400. The breakout of this price range accelerated the (c)-wave of the active minor ABC correction 2 from last month.

NZD/CAD is likely to rise further toward the next buy targets at 0.8700 and 0.8800 (target price calculated for the completion of the active wave (c)).

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