NZD/USD – 30M – BUYThe currency pair New Zealand Dollar/US Dollar (NZD/USD) moves from the descending trendline downwards
A continuation of the downtrend down to the next support at 0.58703 is considered certain.
Caution: A possible counter-trend in the direction of the resistance level at 0.59431 could occur.
Consider stop-loss settings accordingly.
In addition a ‘Last Engulfing Top’ candle pattern is found. The chart shows ‘Last Engulfing Top’. 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 ‘Last Engulfing Top’ heading down is 68% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.60121 |
| 2nd High | 0.59743 |
| Next High | 0.59431 |
| Current Price | 0.58919 |
| Next Low | 0.58703 |
| 2nd Low | 0.58607 |
| 3rd Low | 0.58302 |
0.59431 – 0.59743 – 0.60121 – 0.58703 – 0.59142 – 0.59342
Trading Signals: FOREX – NZD – NZD/USD – USD – Last Engulfing Top