NZD/USD – 4H – BUYThe currency pair New Zealand Dollar/US Dollar (NZD/USD) moves from the descending trendline down.
A continuation of the downward movement down to the next support level at 0.59363 is considered certain.
Caution: A possible counter-trend in the direction of the resistance line at 0.59863 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Then a ‘Northern Doji’ chart pattern is found. The candles show ‘Northern Doji’. which is a positive signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Northern Doji’ going up is 52% (Bull Market) & 51% (Bear Market).
Then a ‘Double top chart pattern’ chart pattern is existing. The formation shows ‘Double top chart pattern’. which is a bearish chart scenario. The currency pair is likely to go down.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 0.60291 |
| Next High | 0.59863 |
| Current Price | 0.59453 |
| Next Low | 0.59363 |
| 2nd Low | 0.54850 |
| 3rd Low |
0.59863 – 0.60291 – 0.59435 – 0.59363 – 0.54850 – 0.56482
Trading Signals: FOREX – NZD – NZD/USD – USD – Northern Doji