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 - 0.9300

By: Dmitriy Chernovolov

  • NZD/CAD reversed from support zone
  • Next buy target - 0.9300

NZD/CAD recently reversed up sharply from the support zone lying between the round support level 0.9000 (former strong resistance from October), the lower daily Bollinger Band and the Fibonacci cluster made out of the 38.2% Fibonacci correction of the previous primary ABC correction ② and the 50% Fibonacci correction of the previous (C)-wave from November. The upward reversal from this support zone started the active minor correction 2.

NZD/CAD is likely to rise further in the active minor wave 2 toward the next buy target at the resistance level 0.9300 (target price for the completion of the active wave 2).

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