NZD/USD – 1H – BUYThe currency pair New Zealand Dollar/US Dollar (NZD/USD) moves from the descending trendline downwards
A continuation of the bearish trend down to the next support at 0.58285 is certain.
Caution: A possible counter-trend in the direction of the resistance zone at 0.58762 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
And also a ‘Matching Low’ candlestick chart pattern is found. The chart forms ‘Matching Low’. which is a bullish signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.59044 |
| 2nd High | 0.58886 |
| Next High | 0.58762 |
| Current Price | 0.58603 |
| Next Low | 0.58285 |
| 2nd Low | 0.58151 |
| 3rd Low | 0.57965 |
Trading Signals: FOREX – NZD – NZD/USD – USD – Matching Low