NZD/USD – 4H – BUYThe currency pair New Zealand Dollar/US Dollar (NZD/USD) moves from the bullish trendline downwards
A bearish trend down to the next support line at 0.54850 is expected.
Caution: A possible change in the direction of the resistance zone at 0.59863 could happen.
Consider stop-loss settings accordingly.
Next a ‘Bullish Belt Hold’ candlestick pattern is existing. The candles form ‘Bullish Belt Hold’. this is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Belt Hold’ going up is 71% (Bull Market) & 71% (Bear Market).
Next a ‘Double top chart pattern’ chart pattern is detected. The chart picture shows ‘Double top chart pattern’. this is a bearish signal. The pair is likely to go down.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 0.60291 |
| Next High | 0.59863 |
| Current Price | 0.59311 |
| Next Low | 0.54850 |
| 2nd Low | |
| 3rd Low |
0.59863 – 0.60291 – 0.59435 – 0.59363 – 0.54850 – 0.56482
Trading Signals: FOREX – NZD – NZD/USD – USD – Bullish Belt Hold