NZD/USD – 30M – SELLThe currency pair 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 is likely expected.
Caution: A possible change in the direction of the resistance zone at 0.57369 is within the realm of possibility.
Consider stop-loss settings accordingly.
Next a ‘Bearish Engulfing’ chart pattern is existing. The candles show ‘Bearish Engulfing’. which is a negative chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.57926 |
| 2nd High | 0.57677 |
| Next High | 0.57369 |
| Current Price | 0.56571 |
| Next Low | |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – NZD – NZD/USD – USD – Bearish Engulfing