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: sell targets - 0.8600 and 0.8500

By: Dmitriy Chernovolov

  • NZD/CAD broke daily up channel
  • Next sell targets - 0.8600 and 0.8500

NZD/CAD recently fell sharply - breaking through the support trendline of the daily up channel from September (which has enclosed the C-wave of the preceding intermediate ABC correction (B), which was recently stopped by the round resistance level 0.9000). The breakout of this up channel coincided with the breakout of the support level 0.8800 (former resistance level, which stopped wave 4 in August) – which intensified the bearish pressure on this currency pair.

NZD/CAD is likely to fall further inside the active waves 3 and (C) toward the next sell target at the support level 0.8600 - the breakout of which can lead to further losses toward 0.8500.

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