NZD/USD – 1H – SELLThe currency pair New Zealand Dollar/US Dollar (NZD/USD) moves from the bullish trendline downwards
The bearish trend down to the next support line at 0.57965 is considered certain.
Caution: A possible trend reversal in the direction of resistance at 0.58675 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend is considered certain. Current target is 0.5817504 at the Fibonacci level 0.24-Level. Caution: A possible trend reversal in the direction of support at 0.58675 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Three Black Crows’ candle chart pattern is existing. The candles form ‘Three Black Crows’. which is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Black Crows’ heading down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.58838 |
| 2nd High | 0.58688 |
| Next High | 0.58675 |
| Current Price | 0.58286 |
| Next Low | 0.57965 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – NZD – NZD/USD – USD – Three Black Crows