NZD/USD – 30M – SELLAdditionally a ‘Head and Shoulder chart pattern’ chart formation is existing. The chart picture forms ‘Head and Shoulder chart pattern’. this is a bearish chart scenario. The currency pair is likely to fall.
The currency pair New Zealand Dollar/US Dollar (NZD/USD) goes from the bearish trendline downwards
A continuation of the downtrend downwards to the next support at 0.60565 is certain.
Caution: A possible change in the direction of the resistance line at 0.61058 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
Additionally a ‘Bullish Engulfing’ candlestick chart pattern is detected. The chart shows ‘Bullish Engulfing’. this is a bullish pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 0.61200 |
| Next High | 0.61058 |
| Current Price | 0.60703 |
| Next Low | 0.60565 |
| 2nd Low | 0.60368 |
| 3rd Low | 0.60288 |
0.61058 – 0.61200 – 0.60985 – 0.60807 – 0.60750 – 0.60565
Trading Signals: FOREX – NZD – NZD/USD – USD – Bullish Engulfing – Head and Shoulder chart pattern