NZD/USD – 30M – BUYThe currency pair New Zealand Dollar/US Dollar (NZD/USD) jumps from the bearish trendline down.
A continuation of the downward movement downwards to the next support at 0.58844 will continue.
Caution: A possible change in the direction of the resistance level at 0.59202 could happen.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend will continue. Target of the current trend is 0.58703 at the Fibonacci level 0-Level. Caution: A possible change in the direction of the support line at 0.59202 could happen.
Please make appropriate stop-loss settings in the case of a trade.
Besides a ‘Tweezers Top’ candle pattern is discovered. The chart shows ‘Tweezers Top’. which is a negative pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Tweezers Top’ going down is 56% (Bull Market) & 55% (Bear Market).
Besides a ‘Double top chart pattern’ chart layout is existing. The chart shows ‘Double top chart pattern’. which is a negative signal. The currency pair is likely to go down.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.59743 |
| 2nd High | 0.59431 |
| Next High | 0.59202 |
| Current Price | 0.58886 |
| Next Low | 0.58844 |
| 2nd Low | 0.58703 |
| 3rd Low | 0.58607 |
0.59202 – 0.59053 – 0.59431 – 0.58844 – 0.58703 – 0.59142
Trading Signals: FOREX – NZD – NZD/USD – USD – Tweezers Top