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Pin Bar and Bearish Engulfing on NZD/USD

Pin Bar and Bearish Engulfing on NZD/USD

The current technical picture indicates a correction of the NZD/USD quotations after a rather protracted rally from the beginning of December 2017. Near the round level of 0.73000, a number of classic patterns of the Price Action, Pin Bar and Bearish Engulfing (D1 timeframe), has been formed, which at the moment are reversal formations. The level of 0.72100 is the local support. We recommend you to pay attention to this situation.

If the price fixes below the 0.72100 mark, NZD/USD sales should be considered. The closest target for profit taking is the support level of 0.71400. In the medium term, the NZD/USD currency pair may reach the level of 0.70600-0.69750. Confirmations and entry points to the market should be looked for on lower timeframes. When tracking positions, one should use a trailing stop.

by JustMarkets, 2018.02.28

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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