The combination New Zealand Dollar/US Dollar (NZD/USD) moves from the descending trendline down.
A continuation of the downtrend downwards to the next support at 0.56349 is likely expected.
Caution: A possible trend reversal in the direction of the resistance zone at 0.56519 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Then a ‘Bearish Engulfing’ candle chart pattern is existing. The chart shows ‘Bearish Engulfing’. which is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ heading down is 79%.
Support & Resistance | Price Range* |
---|---|
3rd High | 0.56607 |
2nd High | 0.56538 |
Next High | 0.56519 |
Current Price | 0.56357 |
Next Low | 0.56349 |
2nd Low | 0.56316 |
3rd Low | 0.56123 |
Trading Signals: FOREX – NZD – NZD/USD – USD – Bearish Engulfing