Bearish Engulfing on NZD/USD

Bearish Engulfing on NZD/USD

On the NZD/USD currency pair, the bullish sentiment is prevailing. Nevertheless, a technical correction is not ruled out in the near future. At the moment, the classic pattern of the Price Action Bearish Engulfing (H1 timeframe), which acts as a reversal formation, was formed. The round level of 0.73000 is the key support. We recommend you to pay attention to this situation.

If the price fixes below the 0.73000 mark, you need to look for entry points to the market to open short positions. The closest target for profit taking is the support level of 0.72700. In the medium term, NZD/USD can reach the level of 0.72400-0.72200. When tracking the position, we recommend using a trailing stop.

by JustForex, 2018.01.23

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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