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 rising inside minor impulse wave 3

  • NZD/CAD rising inside minor impulse wave 3
  • Next buy targets - 0.9200 and 0.9300

NZD/CAD has been rising in the last few trading sessions inside the active minor impulse wave 3 – which previously broke through the pivotal resistance level 0.9030 (which stopped the B-wave of the previous intermediate ABC correction (B) in March, as can be seen below). The breakout of the resistance level 0.9030 accelerated the active impulse wave 3 (which belongs to the intermediate (C)-wave from the end of April).

NZD/CAD is likely to rise further to the next buy target at the resistance level 0.9200 – the breakout of which can lead to further gains toward 0.9300 (forecast price for the termination of the active impulse wave 3).


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