NZD/USD – 30M – SELL

The combination New Zealand Dollar/US Dollar (NZD/USD) goes from the descending trendline down.

A continuation of the bearish trend downwards to the next support line at 0.58508 will persist.

Caution: A possible trend reversal in the direction of the resistance line at 0.58712 should always be considered.
Consider stop-loss settings accordingly.

Correction of the major bullish trend broke the Fibonacci 0.5-Level.Continuation of the current descending trend will persist. Target of the current trend is 0.58527074 at the Fibonacci level 0.79-Level. Caution: A possible trend reversal in the direction of the support level at 0.58712 should always be considered.
Consider stop-loss settings accordingly.

In addition a ‘Three Outside Down’ candle chart pattern is found. The candles show ‘Three Outside Down’. which is a bearish pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).

0.58712 – 0.58622 – 0.58644 – 0.58508 – 0.58422 – 0.58466 — 53.352960986088 – 48.589425913307 — 40.627202255109 – 26.92036645525 – 51.645329261608 – 41.553128181035

Trading Signals: FOREX – NZD – NZD/USD – USD – Three Outside Down – Double bottom chart pattern – –