Daily Price Action

NZDUSD Weekly Bullish Pin Bar Points to Higher Prices


NZDUSD buyers were determined to close the pair above 0.6700 this week.

As a result, the pair has carved a bullish pin bar on the weekly time frame. This will likely trigger a move higher next week.

Not only has 0.6700 been a key factor for NZDUSD since July of last year, but it’s also the 50% retracement of the recent move higher that began in October 2018.

It’s no surprise then that buyers were eager to hold the line at 0.6700.

This week’s pin bar is also a bullish engulfing range. It’s largely a result of last week’s small holiday range, but it is another bullish factor nonetheless.

As for key resistance levels, first up is 0.6920.

The area could be as high as 0.6970. However, the weekly time frame does show how the 0.6920 level has been influential since May of last year.

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Even though 0.6920/70 may cause some issues for buyers, I don’t expect it to be the final destination for NZDUSD.

For that, I think we have to look higher toward 0.7170. The area served as key support in February and March of last year.

It would also equal a 580 pip move from this week’s low which is nearly identical to the recent 550 pip rally between October and December 2018.

That leaves traders with more than 400 pips to work with.

Alternatively, a weekly close below 0.6700 or a move below this week’s low of 0.6588 would negate the bullish outlook.

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NZDUSD bullish pin bar on the weekly time frame

About the Author Justin Bennett

Justin Bennett is an internationally recognized Forex trader with 10+ years of experience. He's been interviewed by Stocks & Commodities Magazine as a featured trader for the month and is mentioned weekly by Forex Factory next to publications from CNN and Bloomberg. Justin created Daily Price Action in 2014 and has since grown the monthly readership to over 100,000 Forex traders and has personally mentored more than 3,000 students.Read more...

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  • Oluwafemi says:

    Thank you so much

  • Nishiyama Akira says:

    thank you very much to pro.

  • lance says:

    Does it follow that AUDUSD (with a similar PIN bar) may mirror this?

  • Fabio says:

    Hi Justin, thank you for the input on the NZDUSD. I am waiting for a pull back to get in, since I missed the 1st opportunity. My initial target was .6860

  • Al says:

    This one appears to have a lot going for it. I’m struggling to contain my excitement 🙂

  • Oladimeji says:

    This is a good one thanks…

  • Maureen says:

    Thank you.

  • alex says:

    Thanks Justin .. . Following you


    Great sir. I respect that opinion

  • Francis Oluwafemi Pius says:

    Your analysis is shaping my understanding of Forex trading as a new trader.
    Thank so very dearly for been a blessing.

  • DASUN says:

    Thanks sir…… Following you

  • Helena says:

    Thank you justin, i been following you for a week now and am very happy to say that your explanation is very clear to understand and beneficial. Well done and keep it up. I will keep on reading your view and will keep in touch. Have a bless weekend.

  • Brian Modise says:

    Thank you 🙏🏽

  • Dee says:

    I had that trade set up this week, but I couldn’t take it cause of self-doubt… but I’m sure that leaves room for me to improve,I cant wait to be in your channel

  • Vettis K1 says:

    On point with analyses I’ve been tracking this NZUSD pair since November thank for the input much appreciated.

  • Sheetal says:

    Thank you so much Sirji

  • Fidelis says:

    Your analysis has really shaped the way I view the forex market….thanks a million boss

  • Chinasa says:

    Wow nice am still a learn how to get it right with my strategy but I think will b following urs analysis

  • kallie cronje says:

    thank you very much

  • Robert says:

    My concern is that the tail of this pinbar is due to the flash crash last week. Should we discount for this large one-off event?

  • Abdus Salam says:

    Dear sir thanks a lot for your nzdusd forecas. Now need eurjpy current forecast

  • Ehiz says:

    This analysis is possible because DXY has broken out below wedge pattern that it had on the Weekly the retest of the break out will allow NZDUSD to retrace 50% of the pin bar giving you a good entry . I will set a buylimit at 50% retracement of the pin bar that gives me a 100pips stoploss and 400pips profit. Thanks J. for you teachings.

    • Tobenna says:

      Exactly brooooo….you’re so on point.

    • Louis1010 says:

      No true.Repricing of Strong NFP comes in.The up was due to Market perceiving Powell speech as dovish.Which to me,the two rate Hike will still come this year.Yes for Au/usd and N/U possible up side cos of Trade negotiations b/w China and US.Technically and fundamentally NU is going up.But US index not going down.Usindex=opposite of Eur/Usd.

      • Ehiz says:

        Technically DXY is going down. She has broken out of a wedge pattern. Plot the wedge and see for yourself. I see a potential of 700 Pips move on DXY. If messured from the formation of the wedge. Also, The first interest rate decision comes in march that gives DXY to run to it’s destination then Goes back up.

    • Right, I’ve been discussing the DXY wedge in the member’s area for several weeks.

  • Sy Ha says:

    Thank you very much

  • Michael Motau says:

    Thank you so much Justin. I am learning a lot from your analyzes!
    Hope to soon join your community to learn more. Happy new year!

    • You’re welcome, Michael. I look forward to seeing you in the member’s area. Cheers.

  • Uzoma Nnamdi says:

    Great analysis sir. sir do you advice a %50 fib level entry. Happy new year

  • Je says:

    We shall see. Who is the boss. This beautifull pinbar with all his confluence. Or has the price on the weekchart first finish his ride for a while and bottom out there? (0,62) Anyway we get a great lesson in the next week(s)

  • Hope says:

    Thank you sir

  • tom says:


  • PHAM BINH LUU says:

    Thanks a lot for your article!

  • Chukwudi says:

    Thanks alot you are such a great person

  • Rawlings MD says:

    Hey Justin,
    I have been following u for a while now, your analysis are great. I do compare my analysis with yours sometimes to make decision on some pairs.

    What is your Opinion on this NZDUSD. The weekly buy is still actice?

    Thanks man, soon I shall be ur registered student.


    ls very helpfull reading your analysis.

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