NZD/USD – 1H – BUYThe currency pair New Zealand Dollar/US Dollar (NZD/USD) jumps from the bearish trendline down.
A continuation of the downward movement downwards to the next support level at 0.58641 will continue.
Caution: A possible reversal of the trend in the direction of the resistance level at 0.59109 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
Additionally a ‘Bullish Engulfing’ candle chart pattern is detected. The candles form ‘Bullish Engulfing’. which is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.59286 |
| 2nd High | 0.59279 |
| Next High | 0.59109 |
| Current Price | 0.58918 |
| Next Low | 0.58641 |
| 2nd Low | 0.58635 |
| 3rd Low | 0.58151 |
Trading Signals: FOREX – NZD – NZD/USD – USD – Bullish Engulfing