Bearish Engulfing on NZD/USD

Bearish Engulfing on NZD/USD

On the NZD/USD currency pair, the classic pattern of the Price Action, Bearish Engulfing, (H1 timeframe), was formed near the key offer zone of 0.72650-0.72750. This formation indicates the development of the correctional movement. We recommend paying attention to this situation.

If the price settles below the 0.72450 mark, one should look for entry points to the market to open short positions. The immediate goal for profit taking is a round level of 0.72000. When tracking the position, we recommend using a trailing stop.

by JustForex, 2017.07.06

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

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