NZD/USD – 4H – SELLThe combination New Zealand Dollar/US Dollar (NZD/USD) jumps from the bearish trendline down.
A continuation of the bearish trend downwards to the next support level at 0.56819 is expected.
Caution: A possible counter-trend in the direction of the resistance level at 0.58308 could happen.
Consider stop-loss settings accordingly.
Furthermore a ‘Exponential Moving Average 50 (EMA 50)’ indicator layout is found. The indicator is ‘Exponential Moving Average 50 (EMA 50)’. which is often a bearish chart signal. The currency pair could go down.
Furthermore a ‘Three Outside Down’ candle pattern is found. The chart forms ‘Three Outside Down’. which is a bearish signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
Furthermore a ‘Resistance Level’ indicator layout is discovered. The indicator shows ‘Resistance Level’. which could be a negative chart signal. The currency pair is likely to fall.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 0.58308 |
| Current Price | 0.57355 |
| Next Low | 0.56819 |
| 2nd Low | 0.56770 |
| 3rd Low | 0.55846 |
0.58308 – 0.57596 – 0.57722 – 0.56819 – 0.56770 – 0.55846
Trading Signals: FOREX – NZD – NZD/USD – USD – Three Outside Down