NZD/USD – 1H – BUYThe currency pair New Zealand Dollar/US Dollar (NZD/USD) moves from the bullish trendline up.
A continuation of the upward movement up to the next resistance line at 0.59109 is likely expected.
Caution: A possible counter-trend in the direction of the support level at 0.58635 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Bullish Engulfing’ candlestick chart pattern is detected. The candles form ‘Bullish Engulfing’. which is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.59286 |
| 2nd High | 0.59279 |
| Next High | 0.59109 |
| Current Price | 0.58752 |
| Next Low | 0.58635 |
| 2nd Low | 0.58151 |
| 3rd Low | 0.57965 |
Trading Signals: FOREX – NZD – NZD/USD – USD – Bullish Engulfing