NZD/USD – 4H – SELLThe currency pair New Zealand Dollar/US Dollar (NZD/USD) jumps from the ascending trendline down.
A bearish trend downwards to the next support line at 0.56076 will continue.
Caution: A possible trend reversal in the direction of the resistance level at 0.57926 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
And also a ‘Bearish Engulfing’ chart pattern is detected. The candles show ‘Bearish Engulfing’. this is a bearish chart scenario. 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 | 0.59286 |
| 2nd High | 0.58886 |
| Next High | 0.57926 |
| Current Price | 0.56536 |
| Next Low | 0.56076 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – NZD – NZD/USD – USD – Bearish Engulfing