NZD/USD – 1H – SELLThe combination New Zealand Dollar/US Dollar (NZD/USD) goes from the bullish trendline downwards
A bearish movement downwards to the next support line at 0.57534 is expected.
Caution: A possible change in the direction of resistance at 0.57859 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Correction of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend is expected. Current target is 0.57534 at the Fibonacci level 0-Level. Caution: A possible change in the direction of the support zone at 0.57859 could happen.
In the case of a trade, always set appropriate stop-loss settings.
And also a ‘Bearish Engulfing’ chart pattern is found. The candles form ‘Bearish Engulfing’. which is a negative signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.58877 |
| 2nd High | 0.58171 |
| Next High | 0.57859 |
| Current Price | 0.57579 |
| Next Low | 0.57534 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – NZD – NZD/USD – USD – Bearish Engulfing