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 - 0.8900 and 0.9000

By: Dmitriy Chernovolov

  • NZD/CAD reached buy target 0.8700
  • Next buy targets - 0.8900 and 0.9000

NZD/CAD has been rising sharply in the last few trading sessions inside the second minor corrective wave 2, which started in September. The price earlier broke through the resistance level 0.8700, which was set as the buy target in our previous forecast for this currency pair. The breakout of this resistance level accelerated the active wave 2 – helping the pair today break the next strong resistance level 0.8800 (which reversed the previous intermediate ABC correction (2) in August).

NZD/CAD is likely to rise further toward the next buy targets at the resistance levels 0.8900 and 0.9000 (which reversed the price multiple times in May).

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