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 reversed from resistance level 0.9530

  • NZD/CAD reversed from resistance level 0.9530
  • Next sell target – 0.9200

NZD/CAD continues to fall after the price earlier revered down sharply from the major long-term resistance level 0.9530, which earlier stopped the sharp primary impulse wave ① at the end of December, as can be seen from the daily NZD/CAD chart below. The downward reversal from this resistance level stopped the earlier intermediate impulse wave (3) from March.

Given the strength of the resistance level 0.9530 and the overbought reading on the daily Stochastic indicator - NZD/CAD can be expected to correct down further to the next sell target at the support level 0.9200 (intersecting with the 38.2% Fibonacci correction of the previous upward impulse from April).

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