NZD/USD – 1H – BUYThe pair New Zealand Dollar/US Dollar (NZD/USD) goes from the ascending trendline downwards
A descent downwards to the next support level at 0.55410 is likely expected.
Caution: A possible counter-trend in the direction of the resistance zone at 0.55716 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Bullish Belt Hold’ chart pattern is found. The chart forms ‘Bullish Belt Hold’. which is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Belt Hold’ heading up is 71% (Bull Market) & 71% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.56922 |
| 2nd High | 0.56030 |
| Next High | 0.55716 |
| Current Price | 0.55660 |
| Next Low | 0.55410 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – NZD – NZD/USD – USD – Bullish Belt Hold