NZD/USD – 1H – BUYThe combination New Zealand Dollar/US Dollar (NZD/USD) jumps from the bearish trendline downwards
A continuation of the downtrend downwards to the next support line at 0.57910 is likely expected.
Caution: A possible counter-trend in the direction of resistance at 0.58877 is also possible.
Consider stop-loss settings accordingly.
Moreover a ‘Matching Low’ candle pattern is detected. The candles form ‘Matching Low’. which is a positive chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.59044 |
| 2nd High | 0.58886 |
| Next High | 0.58877 |
| Current Price | 0.57692 |
| Next Low | 0.57910 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – NZD – NZD/USD – USD – Matching Low