NZD/USD – 1H – BUYThe pair New Zealand Dollar/US Dollar (NZD/USD) jumps from the ascending trendline down.
A descending movement downwards to the next support level at 0.58517 is likely expected.
Caution: A possible change in the direction of the resistance zone at 0.59044 could occur.
Please make appropriate stop-loss settings in the case of a trade.
Also there is a ‘Bullish Engulfing’ chart pattern is found. The chart shows ‘Bullish Engulfing’. which is a bullish signal. The currency pair is likely to go up. 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 | 0.58704 |
| Next Low | 0.58517 |
| 2nd Low | 0.58285 |
| 3rd Low | 0.58151 |
Trading Signals: FOREX – NZD – NZD/USD – USD – Bullish Engulfing