NZD/USD – 4H – SELLThe currency pair New Zealand Dollar/US Dollar (NZD/USD) moves from the ascending trendline downwards
A descending movement down to the next support line at is expected.
Caution: A possible trend reversal in the direction of the resistance zone at 0.58886 should be noted.
Consider stop-loss settings accordingly.
Next a ‘Bearish Engulfing’ candle chart pattern is discovered. The candles show ‘Bearish Engulfing’. this is a bearish pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.60374 |
| 2nd High | 0.59286 |
| Next High | 0.58886 |
| Current Price | 0.57581 |
| Next Low | |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – NZD – NZD/USD – USD – Bearish Engulfing