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 targets - 0.8500 and 0.8400

By: Dmitriy Chernovolov

  • NZD/CAD reversed from resistance level 0.8700
  • Next sell targets - 0.8500 and 0.8400

NZD/CAD recently reversed down strongly from the resistance zone lying between the resistance level 0.8700 (which reversed the earlier intermediate ABC correction (2) in July), the upper daily Bollinger Band and the 50% Fibonacci Correction of the previous sharp minor impulse wave 5 from the end of May. The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Bearish Engulfing – marking the end of earlier wave 2.

NZD/CAD is likely to fall further toward the next sell targets at the support levels 0.8500 and 0.8400. Sell stop-loss can be placed above the resistance level 0.8700.

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