NZD/USD – 4H – BUYThe currency pair New Zealand Dollar/US Dollar (NZD/USD) moves from the bullish trendline downwards
A bearish movement downwards to the next support level at 0.56076 is expected.
Caution: A possible counter-trend in the direction of resistance at 0.56719 should always be considered.
Consider stop-loss settings accordingly.
Then a ‘Bullish Engulfing’ candlestick pattern is detected. The chart forms ‘Bullish Engulfing’. which is a bullish chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.58886 |
| 2nd High | 0.57926 |
| Next High | 0.56719 |
| Current Price | 0.56483 |
| Next Low | 0.56076 |
| 2nd Low | |
| 3rd Low |
Trading Signals: FOREX – NZD – NZD/USD – USD – Bullish Engulfing