NZD/USD – 1H – BUYThe pair New Zealand Dollar/US Dollar (NZD/USD) moves from the bearish trendline downwards
A continuation of the downward movement downwards to the next support level at 0.56076 will continue.
Caution: A possible reversal of the trend in the direction of the resistance level at 0.57926 is within the realm of possibility.
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 0.56076 at the Fibonacci level 0-Level. Caution: A possible reversal of the trend in the direction of the support level at 0.57926 is within the realm of possibility.
Consider stop-loss settings accordingly.
And also a ‘Matching Low’ candlestick pattern is existing. The candles form ‘Matching Low’. this is a bullish pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.58877 |
| 2nd High | 0.58171 |
| Next High | 0.57926 |
| Current Price | 0.56406 |
| Next Low | 0.56076 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – NZD – NZD/USD – USD – Matching Low