NZD/USD – 1H – SELLThe combination New Zealand Dollar/US Dollar (NZD/USD) goes from the descending trendline down.
A continuation of the bearish trend downwards to the next support at 0.58634 is expected.
Caution: A possible reversal of the trend in the direction of the resistance level at 0.59216 is within the realm of possibility.
Consider stop-loss settings accordingly.
Next a ‘Three Black Crows’ candle pattern is found. The chart forms ‘Three Black Crows’. which is a bearish pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Black Crows’ heading down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.59722 |
| 2nd High | 0.59470 |
| Next High | 0.59216 |
| Current Price | 0.58636 |
| Next Low | 0.58634 |
| 2nd Low | 0.58359 |
| 3rd Low |
Trading Signals: FOREX – NZD – NZD/USD – USD – Three Black Crows