NZD/USD – 1H – SELLThe pair New Zealand Dollar/US Dollar (NZD/USD) goes from the bearish trendline down.
A continuation of the bearish trend downwards to the next support level at 0.58800 is expected.
Caution: A possible reversal of the trend in the direction of the resistance line at 0.59216 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
Also there is a ‘Bearish Engulfing’ candle chart pattern is existing. The candles show ‘Bearish Engulfing’. which is a bearish signal. The currency pair is likely to fall. 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 | 0.59722 |
| 2nd High | 0.59470 |
| Next High | 0.59216 |
| Current Price | 0.59152 |
| Next Low | 0.58800 |
| 2nd Low | 0.58151 |
| 3rd Low | 0.57965 |
Trading Signals: FOREX – NZD – NZD/USD – USD – Bearish Engulfing