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 target - 0.9100

By: Dmitriy Chernovolov

  • NZD/CAD falling inside impulse waves (3) and ③
  • Next sell target - 0.9100

NZD/CAD continues to fall inside the 3rd intermediate impulse wave (3) – which belongs to the primary downward impulse wave ③ from December.The active impulse wave ③ started when the pair reversed down sharply from the resistance zone lying between the strong long-term resistance level 0.9600 (which also previously reversed the sharp upward impulse wave in March of 2015, as can be seen from the daily NZD/CAD chart below) and the upper daily Bollinger Band.

NZD/CAD is likely to fall further in the active impulse waves (3) and ③ toward the next sell target at the support level 0.9100. Strong resistance remains at 0.9600.

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