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 support zone

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

NZD/CAD recently reversed up from the support zone lying between the strong support level 0.9080 (former powerful resistance level from June – which also recently reversed the price with the strong daily Japanese candlesticks reversal pattern Hammer, as can be seen below) and the 50% Fibonacci retracement of the previous sharp upward price impulse from the end of April.

The upward reversal from the aforementioned support zone completed the previous intermediate correction (4) (which belongs to the primary upward impulse wave ③ from April).  NZD/CAD is likely to rise to the next buy target at the resistance level 0.9300.

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