NZD/USD – 30M – SELLThe pair New Zealand Dollar/US Dollar (NZD/USD) moves from the descending trendline downwards
A continuation of the downward movement down to the next support level at 0.56211 is certain.
Caution: A possible trend reversal in the direction of the resistance level at 0.56431 is within the realm of possibility.
Consider stop-loss settings accordingly.
In addition a ‘Three Outside Down’ chart pattern is found. The candles show ‘Three Outside Down’. which is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.56607 |
| 2nd High | 0.56593 |
| Next High | 0.56431 |
| Current Price | 0.56404 |
| Next Low | 0.56211 |
| 2nd Low | 0.56134 |
| 3rd Low | 0.56123 |
Trading Signals: FOREX – NZD – NZD/USD – USD – Three Outside Down