NZD/USD – 30M – BUYThe currency pair New Zealand Dollar/US Dollar (NZD/USD) moves from the descending trendline downwards
A continuation of the downtrend down to the next support at 0.57552 is expected.
Caution: A possible counter-trend in the direction of the resistance zone at 0.58171 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
Additionally a ‘Bullish Engulfing’ candle pattern is detected. The candles show ‘Bullish Engulfing’. which is a positive signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.58886 |
| 2nd High | 0.58877 |
| Next High | 0.58171 |
| Current Price | 0.57588 |
| Next Low | 0.57552 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – NZD – NZD/USD – USD – Bullish Engulfing