NZD/USD – 1H – BUYThe combination New Zealand Dollar/US Dollar (NZD/USD) jumps from the ascending trendline down.
The bearish trend downwards to the next support level at 0.58151 is certain.
Caution: A possible trend reversal in the direction of the resistance zone at 0.59077 could happen.
Consider stop-loss settings accordingly.
Also there is a ‘Bullish Engulfing’ chart pattern is found. The chart shows ‘Bullish Engulfing’. which is a positive signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.59470 |
| 2nd High | 0.59216 |
| Next High | 0.59077 |
| Current Price | 0.58878 |
| Next Low | 0.58151 |
| 2nd Low | 0.57965 |
| 3rd Low |
Trading Signals: FOREX – NZD – NZD/USD – USD – Bullish Engulfing