NZD/USD – 1H – SELLThe combination New Zealand Dollar/US Dollar (NZD/USD) moves from the descending trendline downwards
A continuation of the downtrend downwards to the next support at 0.57995 is certain.
Caution: A possible counter-trend in the direction of the resistance level at 0.59302 could happen.
In the case of a trade, always set appropriate stop-loss settings.
There is also a ‘Last Engulfing Top’ candlestick pattern is discovered. The chart forms ‘Last Engulfing Top’. which is a negative signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Last Engulfing Top’ going down is 68% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 0.60818 |
| 2nd High | 0.59423 |
| Next High | 0.59302 |
| Current Price | 0.58640 |
| Next Low | 0.57995 |
| 2nd Low | 0.54850 |
| 3rd Low |
0.58311 – 0.59302 – 0.59423 – 0.57995 – 0.58147 – 0.59094 — 70.925246289771 – 67.924319607809 — 84.056159140992 – 81.581079177233 – 85.759957962387 – 83.568315147496
Trading Signals: FOREX – NZD – NZD/USD – USD – Last Engulfing Top – Double top retreat up – –