NZD/USD – 1H – SELLThe currency pair New Zealand Dollar/US Dollar (NZD/USD) jumps from the descending trendline downwards
A continuation of the downward movement down to the next support level at 0.56316 is considered certain.
Caution: A possible trend reversal in the direction of the resistance line at 0.56607 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Additionally a ‘Bearish Engulfing’ candle pattern is detected. The candles form ‘Bearish Engulfing’. which is a negative chart scenario. The currency pair is likely to go down. 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 | 0.56719 |
| Next High | 0.56607 |
| Current Price | 0.56384 |
| Next Low | 0.56316 |
| 2nd Low | 0.56123 |
| 3rd Low | 0.56076 |
Trading Signals: FOREX – NZD – NZD/USD – USD – Bearish Engulfing