NZD/USD – 1H – SELLThe combination New Zealand Dollar/US Dollar (NZD/USD) jumps from the bearish trendline downwards
A continuation of the bearish trend downwards to the next support level at 0.58800 is certain.
Caution: A possible counter-trend in the direction of the resistance zone at 0.59279 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Correction of the major bullish trend broke through the Fibonacci 0.24-Level.Continuation of the current descending trend is certain. Current target is 0.586255 at the Fibonacci level 0.5-Level. Caution: A possible counter-trend in the direction of the support zone at 0.59279 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Then a ‘Three Black Crows’ candlestick pattern is discovered. The chart shows ‘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 likelyhood of ‘Three Black Crows’ going down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.59470 |
| 2nd High | 0.59286 |
| Next High | 0.59279 |
| Current Price | 0.58804 |
| Next Low | 0.58800 |
| 2nd Low | 0.58151 |
| 3rd Low | 0.57965 |
Trading Signals: FOREX – NZD – NZD/USD – USD – Three Black Crows