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 0.9000

By: Dmitriy Chernovolov

  • NZD/CAD reached buy target 0.8900
  • Next buy target 0.9000

NZD/CAD has been rising steadily in the last few trading sessions inside the (C)-wave of the primary ABC correction ② from the start of September. This (C)-wave earlier broke through the resistance level 0.8900, which is the first of the two buy targets set in our previous forecast for this currency pair. The breakout of this resistance level follows the earlier breakout of the key resistance level0.8830 (which reversed the previous wave (4) in August, as you can see below).

NZD/CAD can be expected to rise further in the accelerated (C)-wave toward the next buy target at the round resistance level 0.9000.

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