NZD/USD – 1H – SELLThe currency pair New Zealand Dollar/US Dollar (NZD/USD) moves from the ascending trendline downwards
A bearish trend down to the next support level at 0.56076 is certain.
Caution: A possible trend reversal in the direction of resistance at 0.57926 could occur.
Consider stop-loss settings accordingly.
Next a ‘Last Engulfing Bottom:’ candle pattern is found. The candles form ‘Last Engulfing Bottom:’. which is a negative chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Last Engulfing Bottom:’ heading down is 65% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.58877 |
| 2nd High | 0.58171 |
| Next High | 0.57926 |
| Current Price | 0.56493 |
| Next Low | 0.56076 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – NZD – NZD/USD – USD – Last Engulfing Bottom: