NZD/USD – 1H – SELLThe currency 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 0.56123 is expected.
Caution: A possible reversal of the trend in the direction of the resistance line at 0.56719 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend is expected. 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 0.56719 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Three Black Crows’ candle pattern is existing. The candles form ‘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’ heading down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.58171 |
| 2nd High | 0.57926 |
| Next High | 0.56719 |
| Current Price | 0.56422 |
| Next Low | 0.56123 |
| 2nd Low | 0.56076 |
| 3rd Low |
Trading Signals: FOREX – NZD – NZD/USD – USD – Three Black Crows