NZD/USD – 1H – SELLThe pair New Zealand Dollar/US Dollar (NZD/USD) moves from the descending trendline downwards
A continuation of the bearish trend down to the next support at is likely expected.
Caution: A possible trend reversal in the direction of the resistance zone at 0.58081 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Bearish Engulfing’ candle chart pattern is found. The chart forms ‘Bearish Engulfing’. which is a negative chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.58886 |
| 2nd High | 0.58877 |
| Next High | 0.58081 |
| Current Price | 0.57826 |
| Next Low | |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – NZD – NZD/USD – USD – Bearish Engulfing