FX.co ★ Patterns NZDUSD | New Zealand Dollar (NZD) to US Dollar (USD) Rate in the Forex market

The Double Bottom pattern has been formed on NZDUSD M5; the upper boundary is 0.5900; the lower boundary is 0.5894. The width of the pattern is 6 points. In case of a break of the upper boundary 0.5900, a change in the trend can be predicted where the width of the pattern will coincide with the distance to a possible take profit level.

The Double Top pattern has been formed on NZDUSD M30. It signals that the trend has been changed from upwards to downwards. Probably, if the base of the pattern 0.5919 is broken, the downward movement will continue.

On the chart of NZDUSD M5 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 0.5929; the lower boundary 0.5922; the width of the pattern 7 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 0.5907 level.

According to the chart of M5, NZDUSD formed the Bullish Symmetrical Triangle pattern. The lower border of the pattern touches the coordinates 0.5905/0.5914 whereas the upper border goes across 0.5920/0.5914. 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 0.5929.

According to the chart of H1, NZDUSD produced the pattern termed the Inverse Head and Shoulder. The Head is fixed at 0.5863 while the median line of the Neck is set at 0.5903/0.5904. The formation of the Inverse Head and Shoulder Pattern clearly indicates a reversal of the downward trend. In means that in case the scenario comes true, the price of NZDUSD will go towards 0.5944.

According to the chart of H1, NZDUSD formed the Inverse Head and Shoulder pattern. The Head’s top is set at 0.5904 while the median line of the Neck is found at 0.5863/0.5887. 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 0.5944

According to the chart of M5, NZDUSD formed the Bullish Rectangle. The pattern indicates a trend continuation. The upper border is 0.5896, the lower border is 0.5888. The signal means that a long position should be opened above the upper border 0.5896 of the Bullish Rectangle.

The Bearish pennant pattern has formed on the NZDUSD M5 chart. It signals potential continuation of the existing trend. Specifications: the pattern’s bottom has the coordinate of 0.6048; the projection of the flagpole height is equal to 21 pips. In case the price breaks out the pattern’s bottom of 0.6048, the downtrend is expected to continue for further level 0.6033.

The Double Top reversal pattern has been formed on NZDUSD M5. Characteristics: the upper boundary 0.6078; the lower boundary 0.6059; the width of the pattern is 18 points. Sell trades are better to be opened below the lower boundary 0.6059 with a possible movements towards the 0.6044 level.

According to the chart of M5, NZDUSD formed the Bearish Symmetrical Triangle pattern. Description: The lower border is 0.6039/0.6051 and upper border is 0.6061/0.6051. The pattern width is measured on the chart at -22 pips. The formation of the Bearish Symmetrical Triangle pattern evidently signals a continuation of the downward trend. In other words, if the scenario comes true and NZDUSD breaches the lower border, the price could continue its move toward 0.6036.