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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 JustMarkets, 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.

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