NZD/USD – 1H – SELLThe combination New Zealand Dollar/US Dollar (NZD/USD) goes from the ascending trendline down.
A bearish descent down to the next support at 0.56123 is likely expected.
Caution: A possible counter-trend in the direction of the resistance zone at 0.56719 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Besides a ‘Last Engulfing Bottom:’ candle pattern is discovered. The candles form ‘Last Engulfing Bottom:’. this is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Last Engulfing Bottom:’ heading down is 65% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.58171 |
| 2nd High | 0.57926 |
| Next High | 0.56719 |
| Current Price | 0.56468 |
| Next Low | 0.56123 |
| 2nd Low | 0.56076 |
| 3rd Low |
Trading Signals: FOREX – NZD – NZD/USD – USD – Last Engulfing Bottom: