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 0.58800 will persist.
Caution: A possible trend reversal in the direction of the resistance zone at 0.59077 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
Additionally a ‘Bearish Engulfing’ chart pattern is discovered. The chart forms ‘Bearish Engulfing’. which is a negative signal. The pair is likely to go down. 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 | 0.59470 |
| 2nd High | 0.59216 |
| Next High | 0.59077 |
| Current Price | 0.58990 |
| Next Low | 0.58800 |
| 2nd Low | 0.58151 |
| 3rd Low | 0.57965 |
Trading Signals: FOREX – NZD – NZD/USD – USD – Bearish Engulfing