Bearish Engulfing on NZD/USD

Bearish Engulfing on NZD/USD

Last week, the bearish sentiment prevailed on the NZD/USD currency pair. The current technical pattern indicates a further correction of the trading instrument. Near the "mirror" resistance of 0.72800, a classic pattern of the Price Action, Bearish Engulfing, (H1 timeframe) was formed, which acts as a continuation of the current trend. The level of 0.72400 is the key support. We recommend you to pay attention to this situation.

If the price fixes below the 0.72400 mark, you need to look for entry points to the market to open short positions. The movement is tending to the round level of 0.72000. In the medium term, the NZD/USD currency pair may reach the level of 0.71850-0.71500. When following the positions, we recommend using a trailing stop.

by JustForex, 2018.02.12

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.

Open Account

Get Free Analytics

* required fields
Last Articles
All Articles
10 most stable forex pairs to trade in 2021
If you are interested in forex but have never tried trading before, sooner or later, you come across the question of what currency pair is safe to trade so that you don’t lose half of your deposit on your first position. And the answer is as simple as can be, the safest currency pairs are the most stable ones. Read on to learn which currency pairs are the best to start your trading journey.
Read more
Best Gold Trading Tips For Beginners
Gold is one of the most popular assets traded worldwide by investors, funds, and speculators who aim to profit from the price fluctuations or stand up against inflation. Unfortunately, many market participants fail to catch the wave and take full advantage of what the gold market can offer due to the lack of knowledge and experience. Are you planning to become the next gold trader? Learn how to trade gold in the most profitable way.
Read more
How to Become a Successful Forex Trader in Malaysia
With broad access to online brokerage services, everyone can become a trader these days. However, few people actually find success in FX. The reason might be that many of those who try trading skip some essential steps or simply do things wrong. Learn about the best ways to become a currency trader in Malaysia from this article.
Read more