FX.co ★ Patterns NZDUSD | New Zealand Dollar (NZD) to US Dollar (USD) Rate in the Forex market
The Double Top pattern has been formed on NZDUSD M5. It signals that the trend has been changed from upwards to downwards. Probably, if the base of the pattern 0.7165 is broken, the downward movement will continue.
Bullish Symmetrical Triangle
According to the chart of M5, NZDUSD formed the Bullish Symmetrical Triangle pattern. The lower border of the pattern touches the coordinates 0.7147/0.7163 whereas the upper border goes across 0.7185/0.7163. If the Bullish Symmetrical Triangle pattern is in progress, this evidently signals a further upward trend. In other words, in case the scenario comes true, the price of NZDUSD will breach the upper border to head for 0.7178.
Inverse Head and Shoulder
According to the chart of M30, NZDUSD formed the Inverse Head and Shoulder pattern. The Head’s top is set at 0.7171 while the median line of the Neck is found at 0.7145/0.7159. The formation of the Inverse Head and Shoulder pattern evidently signals a reversal of the downward trend. In other words, in case the scenario comes true, the price of NZDUSD will go towards 0.7201
The Bullish pennant pattern is formed on the NZDUSD M5 chart. It is a type of the continuation pattern. Supposedly, in case the price is fixed above the pennant’s high of 0.7176, a further uptrend is possible.
The Double Bottom pattern has been formed on NZDUSD H1. Characteristics: the support level 0.7148; the resistance level 0.7258; the width of the pattern 110 points. If the resistance level is broken, a change in the trend can be predicted with the first target point lying at the distance of 113 points.
The Triple Top pattern has formed on the chart of the NZDUSD M15 trading instrument. It is a reversal pattern featuring the following characteristics: resistance level -7, support level -10, and pattern’s width 37. Forecast If the price breaks through the support level 0.7221, it is likely to move further down to 0.7232.
Bearish Symmetrical Triangle
According to the chart of M5, NZDUSD formed the Bearish Symmetrical Triangle pattern. Trading recommendations: A breach of the lower border 0.7168 is likely to encourage a continuation of the downward trend.
Bullish Symmetrical Triangle
According to the chart of H1, NZDUSD formed the Bullish Symmetrical Triangle pattern. Description: This is the pattern of a trend continuation. 0.7236 and 0.7125 are the coordinates of the upper and lower borders respectively. The pattern width is measured on the chart at 111 pips. Outlook: If the upper border 0.7236 is broken, the price is likely to continue its move by 0.7223 pips.
The Bearish pennant pattern has formed on the NZDUSD M5 chart. This pattern type is characterized by a slight slowdown after which the price will move in the direction of the original trend. In case the price fixes below the pattern’s low of 0.7163, a trader will be able to successfully enter the sell position.
The Double Bottom pattern has been formed on NZDUSD M5. This formation signals a reversal of the trend from downwards to upwards. The signal is that a buy trade should be opened after the upper boundary of the pattern 0.7198 is broken. The further movements will rely on the width of the current pattern 21 points.