NZD/USD – 1H – SELLThe pair New Zealand Dollar/US Dollar (NZD/USD) goes from the ascending trendline downwards
A descending movement downwards to the next support line at 0.57609 is likely expected.
Caution: A possible counter-trend in the direction of the resistance zone at 0.58081 could occur.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Bearish Engulfing’ candle chart pattern is detected. The candles show ‘Bearish Engulfing’. which is a negative signal. The currency pair is likely to fall. 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 | 0.58886 |
| 2nd High | 0.58877 |
| Next High | 0.58081 |
| Current Price | 0.57832 |
| Next Low | 0.57609 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – NZD – NZD/USD – USD – Bearish Engulfing