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 – 0.8700

By: Dmitriy Chernovolov

  • NZD/CAD reached buy target 0.8600
  • Next buy target - 0.8700

NZD/CAD today reached the round resistance level 0.8600 – which was set as the buy target in our previous forecast for this currency pair. The price earlier broke through the resistance trendline from the start of April – which accelerated the active minor corrective wave 2 - which started earlier, when the price reversed up from the pivotal support level 0.8300 (as you can see from the daily NZD/CAD chart below).

If NZD/CAD breaks above the resistance level 0.8700 – the price can then rise to the next buy target at the resistance level (which reversed the pair multiple times in July and August).

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