NZD/USD – 1H – BUY

The combination New Zealand Dollar/US Dollar (NZD/USD) breaks through the descending trendline up.

A bullish trend upwards to the next resistance level at 0.59244 is expected.

Caution: A possible counter-trend in the direction of the support level at 0.58865 could occur.
In case of a trade, appropriate stop-loss settings should be considered.

In addition a ‘Three Outside Up’ candle pattern is existing. The candles form ‘Three Outside Up’. which is a positive chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).

0.59244 – 0.59101 – 0.58915 – 0.58865 – 0.58147 – 0.58654 —
0.59110 – 0.59069 —
58.449481268917 – 55.4540347542 —
– —
0.59244 – 1777654800

Trading Signals: FOREX – NZD – NZD/USD – USD – Three Outside Up – – – – – – – – –