NZD/USD – 1H – SELLThe combination New Zealand Dollar/US Dollar (NZD/USD) moves from the ascending trendline down.
A descending movement down to the next support level at 0.56123 is likely expected.
Caution: A possible change in the direction of the resistance level at 0.56719 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
And also a ‘Bearish Engulfing’ candle chart pattern is detected. The chart forms ‘Bearish Engulfing’. which is a bearish 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 | 0.58171 |
| 2nd High | 0.57926 |
| Next High | 0.56719 |
| Current Price | 0.56526 |
| Next Low | 0.56123 |
| 2nd Low | 0.56076 |
| 3rd Low |
Trading Signals: FOREX – NZD – NZD/USD – USD – Bearish Engulfing