NZD/USD – 30M – BUYThe combination New Zealand Dollar/US Dollar (NZD/USD) breaks through the descending trendline upwards
A bullish movement upwards to the next resistance line at 0.56640 will persist.
Caution: A possible counter-trend in the direction of the support level at 0.56276 is within the realm of possibility.
Consider stop-loss settings accordingly.
Additionally a ‘Three Outside Up’ chart pattern is discovered. The candles form ‘Three Outside Up’. which is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.57369 |
| 2nd High | 0.56719 |
| Next High | 0.56640 |
| Current Price | 0.56420 |
| Next Low | 0.56276 |
| 2nd Low | 0.56211 |
| 3rd Low | 0.56134 |
Trading Signals: FOREX – NZD – NZD/USD – USD – Three Outside Up