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Bearish Engulfing on NZD/USD

Bearish Engulfing on NZD/USD

Since the beginning of this week, there have been aggressive purchases of NZD/USD. Kiwi rose almost by 100 points. Nevertheless, a technical correction is not ruled out in the near future. Near the key offer zone of 0.73000-0.73250, a classic pattern of Price Action, Bearish Engulfing, (H4 timeframe) has been formed, which acts as a reversal formation. At the moment, the NZD/USD quotes are testing the local support of 0.72800. We recommend you to pay attention to this situation.

If the price fixes below the 0.72800 mark, NZD/USD sales should be considered. The immediate goal of profit taking is the "mirror" support of 0.72450. In the medium term, the trading instrument can reach the round level of 0.72000. Confirmations and entry points should be looked for on lower timeframes. When tracking positions, it is better to use a trailing stop.

by JustMarkets, 2018.04.05

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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