NZD/USD – 1H – SELLThe pair New Zealand Dollar/US Dollar (NZD/USD) moves from the descending trendline down.
A continuation of the downward movement down to the next support level at 0.57534 is considered certain.
Caution: A possible change in the direction of the resistance zone at 0.57859 could occur.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘Bearish Engulfing’ chart pattern is detected. The candles form ‘Bearish Engulfing’. which is a negative signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.58877 |
| 2nd High | 0.58171 |
| Next High | 0.57859 |
| Current Price | 0.57791 |
| Next Low | 0.57534 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – NZD – NZD/USD – USD – Bearish Engulfing