NZD/USD – 4H – BUYThe combination New Zealand Dollar/US Dollar (NZD/USD) jumps from the ascending trendline downwards
A bearish trend down to the next support line at 0.56076 is expected.
Caution: A possible change in the direction of the resistance line at 0.56719 should be noted.
Consider stop-loss settings accordingly.
And also a ‘Bullish Engulfing’ candle chart pattern is detected. The candles form ‘Bullish Engulfing’. this is a bullish chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.58886 |
| 2nd High | 0.57926 |
| Next High | 0.56719 |
| Current Price | 0.56483 |
| Next Low | 0.56076 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – NZD – NZD/USD – USD – Bullish Engulfing