NZD/USD – 30M – SELLThe combination New Zealand Dollar/US Dollar (NZD/USD) goes from the bearish trendline down.
A continuation of the downward movement down to the next support line at 0.56316 will persist.
Caution: A possible trend reversal in the direction of resistance at 0.56538 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘Bearish Engulfing’ candle chart pattern is found. The candles show ‘Bearish Engulfing’. 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 chance of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.56719 |
| 2nd High | 0.56607 |
| Next High | 0.56538 |
| Current Price | 0.56406 |
| Next Low | 0.56316 |
| 2nd Low | 0.56123 |
| 3rd Low | 0.56076 |
Trading Signals: FOREX – NZD – NZD/USD – USD – Bearish Engulfing