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 - 0.9600

By: Dmitriy Chernovolov

  • NZD/CAD reached buy target 0 .9300
  • Next buy target - 0.9600

NZD/CAD recently broke above the resistance zone lying between the resistance level 0.9300 (which reversed the earlier minor correction 4 in April and which was set as the buy target in our previous forecast for this currency pair) and the 78.6% Fibonacci correction of the previous sharp downward impulse wave ① from the end of March, as you can see below. The breakout of this resistance zone accelerated the active (C)-wave of the primary ABC correction ② from August.

NZD/CAD is likely to rise further in the active waves (C) and ② toward the next buy target at the next resistance level 0.9600 (previous multi-month high from March).

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