NZD/USD – 1H – BUYThe pair New Zealand Dollar/US Dollar (NZD/USD) jumps from the ascending trendline down.
The bearish trend downwards to the next support line at 0.58285 will persist.
Caution: A possible change in the direction of the resistance zone at 0.59044 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Bullish Engulfing’ chart pattern is detected. The candles show ‘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 likelyhood of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.59279 |
| 2nd High | 0.59109 |
| Next High | 0.59044 |
| Current Price | 0.58723 |
| Next Low | 0.58285 |
| 2nd Low | 0.58151 |
| 3rd Low | 0.57965 |
Trading Signals: FOREX – NZD – NZD/USD – USD – Bullish Engulfing