Bullish Engulfing on NZD/USD

Bullish Engulfing on NZD/USD

Last week, the bearish sentiment prevailed on the NZD/USD currency pair. Nevertheless, technical correction is not excluded in the near future. Near the key demand zone of 0.71700-0.71800, a classic pattern of the Price Action "Bullish Engulfing" (H1 timeframe H1) was formed. This formation indicates the development of the bullish sentiment. We recommend you to pay attention to this situation.

If the price fixes above the round level of 0.72000, you need to look for entry points to the market to open long positions. The closest target for profit taking is the 0.72350 mark. In the medium term, the NZD/USD currency pair may reach the resistance level of 0.72800. When tracking the position, we recommend using a trailing stop.

by JustForex, 2017.10.02

We recommend you to have a look at the actual figures of technical analysis.

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.