NZD/USD – 30M – SELLThe pair New Zealand Dollar/US Dollar (NZD/USD) moves from the descending trendline down.
A continuation of the downtrend downwards to the next support line at 0.56349 will persist.
Caution: A possible counter-trend in the direction of the resistance level at 0.56519 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
Additionally a ‘Bearish Engulfing’ chart pattern is found. The candles show ‘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 probability of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.56607 |
| 2nd High | 0.56538 |
| Next High | 0.56519 |
| Current Price | 0.56436 |
| Next Low | 0.56349 |
| 2nd Low | 0.56316 |
| 3rd Low | 0.56123 |
Trading Signals: FOREX – NZD – NZD/USD – USD – Bearish Engulfing