NZD/USD – 4H – BUYThe currency pair New Zealand Dollar/US Dollar (NZD/USD) jumps from the ascending trendline down.
A bearish descent downwards to the next support at 0.56076 is certain.
Caution: A possible reversal of the trend in the direction of the resistance level at 0.56719 could occur.
In the case of a trade, always set appropriate stop-loss settings.
Additionally a ‘Bullish Engulfing’ candlestick pattern is discovered. The candles form ‘Bullish Engulfing’. this is a bullish signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.58886 |
| 2nd High | 0.57926 |
| Next High | 0.56719 |
| Current Price | 0.56408 |
| Next Low | 0.56076 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – NZD – NZD/USD – USD – Bullish Engulfing