NZD/USD – 1H – SELLThe pair New Zealand Dollar/US Dollar (NZD/USD) goes from the descending trendline downwards
A continuation of the bearish trend downwards to the next support level at 0.58160 is certain.
Caution: A possible counter-trend in the direction of the resistance level at 0.58688 is within the realm of possibility.
Consider stop-loss settings accordingly.
There is also a ‘Bearish Engulfing’ candle pattern is discovered. The candles show ‘Bearish Engulfing’. which is a negative signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.58855 |
| 2nd High | 0.58838 |
| Next High | 0.58688 |
| Current Price | 0.58464 |
| Next Low | 0.58160 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – NZD – NZD/USD – USD – Bearish Engulfing