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 – 0.9050

By: Dmitriy Chernovolov

  • NZD/CAD rising inside intermediate impulse wave (3)
  • Next buy target – 0.9050

NZD/CAD continues to rise inside the intermediate impulse wave (3) – which started earlier – when the price reversed up from the support zone lying between the support level 0.8800, lower daily Bollinger Band and the 61.8% Fibonacci correction of the previous sharp intermediate impulse wave (1) from the middle of September. The upward reversal from the aforementioned support zone created the daily Japanese candlesticks reversal pattern Bullish Engulfing.

NZD/CAD is likely to rise further in the active impulse wave (3) toward the next buy target at the resistance level 0.9050 (which reversed the price sharply earlier this week, as can be seen below).

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