NZD/USD – 30M – SELLThe combination New Zealand Dollar/US Dollar (NZD/USD) jumps from the bullish trendline down.
The bearish trend downwards to the next support at 0.58151 is expected.
Caution: A possible trend reversal in the direction of the resistance zone at 0.59006 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Bearish Engulfing’ candlestick chart pattern is found. The candles show ‘Bearish Engulfing’. which is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.59470 |
| 2nd High | 0.59216 |
| Next High | 0.59006 |
| Current Price | 0.59003 |
| Next Low | 0.58151 |
| 2nd Low | 0.57965 |
| 3rd Low |
Trading Signals: FOREX – NZD – NZD/USD – USD – Bearish Engulfing