NZD/USD – 30M – SELLThe currency pair New Zealand Dollar/US Dollar (NZD/USD) goes from the descending trendline down.
A continuation of the downtrend downwards to the next support level at 0.56819 is likely expected.
Caution: A possible counter-trend in the direction of the resistance level at 0.57220 could be enabled.
Consider stop-loss settings accordingly.
Additionally a ‘Three Outside Down’ candle chart pattern is detected. The candles show ‘Three Outside Down’. which is a negative signal. The currency pair is likely to fall. 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).
Additionally a ‘Double top chart pattern’ chart layout is existing. The chart picture shows ‘Double top chart pattern’. this is a bearish chart scenario. The currency pair is likely to fall.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.57551 |
| 2nd High | 0.57360 |
| Next High | 0.57220 |
| Current Price | 0.56791 |
| Next Low | 0.56819 |
| 2nd Low | 0.56770 |
| 3rd Low | 0.56371 |
0.57220 – 0.57360 – 0.57551 – 0.56937 – 0.57116 – 0.57108
Trading Signals: FOREX – NZD – NZD/USD – USD – Three Outside Down