NZD/USD – 1H – SELLThe pair New Zealand Dollar/US Dollar (NZD/USD) goes from the bullish trendline downwards
A bearish trend down to the next support at 0.56316 is considered certain.
Caution: A possible trend reversal in the direction of resistance at 0.56607 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Then a ‘Bearish Engulfing’ chart pattern is existing. The chart forms ‘Bearish Engulfing’. which is a negative pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.57926 |
| 2nd High | 0.56719 |
| Next High | 0.56607 |
| Current Price | 0.56433 |
| Next Low | 0.56316 |
| 2nd Low | 0.56123 |
| 3rd Low | 0.56076 |
Trading Signals: FOREX – NZD – NZD/USD – USD – Bearish Engulfing