NZD/USD – 1H – BUYThe currency pair New Zealand Dollar/US Dollar (NZD/USD) jumps from the ascending trendline down.
A descending movement downwards to the next support line at 0.56123 is likely expected.
Caution: A possible counter-trend in the direction of resistance at 0.56607 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
There is also a ‘Bullish Meeting Lines’ candle chart pattern is discovered. The candles form ‘Bullish Meeting Lines’. which is a positive chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bullish Meeting Lines’ going up is 56% (Bull Market) & 52% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.57926 |
| 2nd High | 0.56719 |
| Next High | 0.56607 |
| Current Price | 0.56422 |
| Next Low | 0.56123 |
| 2nd Low | 0.56076 |
| 3rd Low |
Trading Signals: FOREX – NZD – NZD/USD – USD – Bullish Meeting Lines