NZD/USD – 30M – SELLThe combination New Zealand Dollar/US Dollar (NZD/USD) moves from the ascending trendline down.
A bearish trend downwards to the next support line at 0.56350 is considered certain.
Caution: A possible change in the direction of the resistance zone at 0.56584 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Bearish Engulfing’ candlestick chart pattern is detected. The candles show ‘Bearish Engulfing’. which 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 chance of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.56719 |
| 2nd High | 0.56607 |
| Next High | 0.56584 |
| Current Price | 0.56539 |
| Next Low | 0.56350 |
| 2nd Low | 0.56333 |
| 3rd Low | 0.56316 |
Trading Signals: FOREX – NZD – NZD/USD – USD – Bearish Engulfing