The combination New Zealand Dollar/US Dollar (NZD/USD) moves from the descending trendline downwards
A continuation of the downtrend downwards to the next support at 0.58014 is certain.
Caution: A possible counter-trend in the direction of the resistance line at 0.58454 could occur.
Consider stop-loss settings accordingly.
There is also a ‘Last Engulfing Top’ candle chart pattern is discovered. The chart forms ‘Last Engulfing Top’. which is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Last Engulfing Top’ heading down is 68% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.58578 |
| 2nd High | 0.58482 |
| Next High | 0.58454 |
| Current Price | 0.58264 |
| Next Low | 0.58014 |
| 2nd Low | 0.57436 |
| 3rd Low | 0.56809 |
0.58454 – 0.58482 – 0.58578 – 0.58331 – 0.58336 – 0.58014 —
0.58438 – 0.58346 —
42.676683837565 – 42.630096410224 —
– —
0.58454 – 1784282400
Trading Signals: FOREX – NZD – NZD/USD – USD – Last Engulfing Top – – – – – – – – –