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 - 0.8600

By: Dmitriy Chernovolov

  • NZD/CAD reached buy target 0.8500
  • Next buy target - 0.8600 

NZD/CAD recently broke above the resistance level 0.8500, which was set as the buy target in our previous forecast for this currency pair. The breakout of this resistance level continues the (c)-wave of the active minor ABC correction B which started earlier this month – when the pair reversed up from the pivotal support level 0.8330 (which has been reversing the pair from the end of August, as you can see below).

The breakout of the resistance level 0.8500 coincided with the breakout of the 38.2% Fibonacci Correction of the previous downward wave (A). NZD/CAD is likely to rise further in the active (c)-wave toward the next buy target at the next resistance level 0.8600.

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