NZD/USD – 1H – SELLThe pair New Zealand Dollar/US Dollar (NZD/USD) goes from the bullish trendline down.
A descending movement down to the next support at 0.58151 is considered certain.
Caution: A possible counter-trend in the direction of the resistance level at 0.59044 is also possible.
Consider stop-loss settings accordingly.
Besides a ‘Bearish Engulfing’ candlestick pattern is discovered. The chart shows ‘Bearish Engulfing’. which is a negative 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’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.59279 |
| 2nd High | 0.59109 |
| Next High | 0.59044 |
| Current Price | 0.58559 |
| Next Low | 0.58151 |
| 2nd Low | 0.57965 |
| 3rd Low |
Trading Signals: FOREX – NZD – NZD/USD – USD – Bearish Engulfing