NZD/USD – 4H – SELL

The currency pair New Zealand Dollar/US Dollar (NZD/USD) jumps from the bullish trendline down.

A bearish trend downwards to the next support line at 0.59070 is considered certain.

Caution: A possible trend reversal in the direction of the resistance line at 0.61200 could occur.
Please make appropriate stop-loss settings in the case of a trade.

Correction of the major bullish trend broke through the Fibonacci 0.79-Level.Continuation of the current descending trend is considered certain. Current target is 0.58826 at the Fibonacci level 1-Level. Caution: A possible trend reversal in the direction of the support line at 0.61200 could occur.
Please make appropriate stop-loss settings in the case of a trade.

Furthermore a ‘Three Outside Down’ chart pattern is found. The candles form ‘Three Outside Down’. which is a bearish chart scenario. 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’ heading down is 69% (Bull Market) & 70% (Bear Market).

0.61200 – 0.60875 – 0.60710 – 0.59070 – 0.58826 – 0.59948 — 34.260806619496 – 29.939609456198 — 94.49313790479 – 78.385013871498 – 89.481027204371 – 90.959383925429

Trading Signals: FOREX – NZD – NZD/USD – USD – Three Outside Down – – –