NZD/USD – 1H – BUYThe pair New Zealand Dollar/US Dollar (NZD/USD) jumps from the ascending trendline down.
The bearish trend downwards to the next support at 0.56134 is likely expected.
Caution: A possible change in the direction of resistance at 0.56640 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Also there is a ‘Three Outside Down’ candlestick chart pattern is found. The chart forms ‘Three Outside Down’. which is a negative 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 Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.57926 |
| 2nd High | 0.56719 |
| Next High | 0.56640 |
| Current Price | 0.56395 |
| Next Low | 0.56134 |
| 2nd Low | 0.56123 |
| 3rd Low | 0.56076 |
Trading Signals: FOREX – NZD – NZD/USD – USD – Three Outside Down