NZD/USD – 30M – SELLThe pair New Zealand Dollar/US Dollar (NZD/USD) jumps from the descending trendline down.
A continuation of the downtrend downwards to the next support level at 0.55715 is expected.
Caution: A possible counter-trend in the direction of the resistance zone at 0.56030 is also possible.
Consider stop-loss settings accordingly.
Additionally a ‘Bearish Engulfing’ chart pattern is found. The candles show ‘Bearish Engulfing’. which is a negative pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.56414 |
| 2nd High | 0.56126 |
| Next High | 0.56030 |
| Current Price | 0.55924 |
| Next Low | 0.55715 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – NZD – NZD/USD – USD – Bearish Engulfing