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
Setting the Clock Right: The Best Time To Trade Forex In India And Other Tips
In the forex market, many components come together for ensuring smooth operations and positive outcomes for a trader. Careful timing of trades is one of such components. In this article, we will explain how market timing is made, what time is best (and relatively worse) for trading, and how to choose the best time for forex trading in India.
Read more
The Matter of Trends: The Most Trending Forex Pairs
The forex market is lucrative for beginners and experienced traders alike because of high liquidity, various trading options, and earning potential that can be successfully realized with a properly chosen forex pair. Then the first question a trader should ask themselves is what pairs to trade and how to predict trends to make a profit off them. In this article, we will explore the trending potential of forex pairs, how to select the best pairs in forex, and uncover short-term and long-term trends.
Read more
Best Time for EUR/USD Trading
EUR/USD covers two leading economies, including European and American. It obtains more than half of the total trading volume on the Forex market. Let's review the key factor impacting the EUR/USD volatility.
Read more