NZD/USD – 1H – SELLThe combination New Zealand Dollar/US Dollar (NZD/USD) jumps from the descending trendline down.
A continuation of the downtrend down to the next support at 0.58635 is likely expected.
Caution: A possible change in the direction of the resistance zone at 0.59109 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Also there is a ‘Three Black Crows’ chart pattern is existing. The chart forms ‘Three Black Crows’. this 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 chance of ‘Three Black Crows’ heading down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.59286 |
| 2nd High | 0.59279 |
| Next High | 0.59109 |
| Current Price | 0.58725 |
| Next Low | 0.58635 |
| 2nd Low | 0.58151 |
| 3rd Low | 0.57965 |
Trading Signals: FOREX – NZD – NZD/USD – USD – Three Black Crows