NZD/USD – 30M – SELLCorrection of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend will persist. Target of the current trend is 0.58207 at the Fibonacci level 0-Level. Caution: A possible change in the direction of the support level at 0.58762 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 existing. The candles show ‘Bearish Engulfing’. this 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 | 0.59044 |
| 2nd High | 0.58886 |
| Next High | 0.58762 |
| Current Price | 0.58315 |
| Next Low | 0.58207 |
| 2nd Low | 0.58151 |
| 3rd Low | 0.57965 |
Trading Signals: FOREX – NZD – NZD/USD – USD – Bearish Engulfing