NZD/USD – 1H – BUYThe pair New Zealand Dollar/US Dollar (NZD/USD) jumps from the ascending trendline down.
A descending movement downwards to the next support line at 0.55715 will continue.
Caution: A possible change in the direction of the resistance zone at 0.56922 is also possible.
Consider stop-loss settings accordingly.
Correction of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend will continue. Current target is 0.55715 at the Fibonacci level 0-Level. Caution: A possible change in the direction of support at 0.56922 is also possible.
Consider stop-loss settings accordingly.
Next a ‘Three Outside Down’ candle pattern is existing. The chart shows ‘Three Outside Down’. this is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.58171 |
| 2nd High | 0.57926 |
| Next High | 0.56922 |
| Current Price | 0.55924 |
| Next Low | 0.55715 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – NZD – NZD/USD – USD – Three Outside Down