NZD/USD – 1H – SELLThe combination New Zealand Dollar/US Dollar (NZD/USD) goes from the descending trendline down.
A continuation of the downtrend downwards to the next support level at 0.56123 is likely expected.
Caution: A possible change in the direction of the resistance level at 0.56607 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Additionally a ‘Bearish Engulfing’ chart pattern is detected. The candles form ‘Bearish Engulfing’. which is a bearish pattern signal. The currency pair is likely to go down. 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 | 0.57926 |
| 2nd High | 0.56719 |
| Next High | 0.56607 |
| Current Price | 0.56495 |
| Next Low | 0.56123 |
| 2nd Low | 0.56076 |
| 3rd Low |
Trading Signals: FOREX – NZD – NZD/USD – USD – Bearish Engulfing