NZD/USD – 1H – SELLThe currency pair New Zealand Dollar/US Dollar (NZD/USD) moves from the bearish trendline down.
A continuation of the downward movement downwards to the next support line at 0.56316 is expected.
Caution: A possible change in the direction of the resistance level at 0.56607 could be enabled.
Consider stop-loss settings accordingly.
In addition a ‘Bearish Engulfing’ chart pattern is detected. The chart forms ‘Bearish Engulfing’. which is a bearish signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability 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 | 0.56414 |
| Next Low | 0.56316 |
| 2nd Low | 0.56123 |
| 3rd Low | 0.56076 |
Trading Signals: FOREX – NZD – NZD/USD – USD – Bearish Engulfing