NZD/USD charted a bullish engulfing candle last week – a sign of potential bullish reversal. A trend change would be confirmed if the pair closes above 0.6444 on Friday. The NZD/USD pair is currently trading at 0.6426, having hit a high of 0.6437 a few minutes before press time. The pair has eked out gains in the last five trading days. That is NZD’s biggest daily winning streak since the end of June. More importantly, NZD/USD created a bullish engulfing candle last week, which occurs when the period begins on a pessimistic note but ends with optimism, engulfing the preceding period’s price action. A bullish engulfing is considered a sign of bearish-to-bullish trend change if it appears at the low of an established downtrend, which is the case with NZD. The trend change, however, is confirmed, only if the follow-through is positive. Hence, a weekly close above the engulfing candle’s high of 0.6444 is needed to confirm a bullish reversal. Weekly chart Trend: Bullish Pivot points FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next ECB’s policy easing unlikely to help – Danske Bank FX Street 4 years NZD/USD charted a bullish engulfing candle last week - a sign of potential bullish reversal. A trend change would be confirmed if the pair closes above 0.6444 on Friday. The NZD/USD pair is currently trading at 0.6426, having hit a high of 0.6437 a few minutes before press time. The pair has eked out gains in the last five trading days. That is NZD's biggest daily winning streak since the end of June. More importantly, NZD/USD created a bullish engulfing candle last week, which occurs when the period begins on a pessimistic note but ends with… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
