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 target - 0.8500

By: Dmitriy Chernovolov

  • NZD/CAD reversed from pivotal support level 0.8330
  • Next buy target - 0.8500

NZD/CAD continues to rise after the recent upward reversal from the pivotal support level 0.8330 (which reversed earlier waves A and (1)). The support zone near this support level was strengthened by the lower daily Bollinger Band. The latest upward reversal from 0.8330 completed the previous minor (b)-wave of the active ABC corrective wave B from the end of August (as you can see below).

Given the clear bullish divergence on the daily RSI - NZD/CAD is likely to rise further in the active minor (c)-wave toward the next buy target at the resistance level 0.8500 (which stopped the (a)-wave of the active ABC correction B).

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