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NZDUSD: Keep 0.7100 on Your Radar Next Week

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Two days ago, I wrote that the NZDUSD pullback was likely to be temporary.

I didn’t think that post would mark the bottom of the pullback.

Of course, there’s still a chance the New Zealand dollar could retreat to 0.6940 support next week.

But so far, NZDUSD bulls appear to be in complete control.

If buyers can close the pair above the 0.7100 resistance area next week, we could see the pair trend higher to 0.7330.

It isn’t the cleanest level I’ve seen, but 0.7330 was a key factor for NZDUSD between early 2005 and 2011.

NZDUSD key horizontal level on the monthly chart
NZDUSD monthly time frame

As of this post, 0.7100 is intact as resistance.

And as I mentioned a couple of days ago, NZDUSD buyers need to secure a daily close above 0.7100 to open the door to 0.7330.

That’s what I’ll be watching for next week.

On the other hand, if NZDUSD does pull back from 0.7100 resistance, I’ll watch how it reacts at 0.7010 or perhaps 0.6940.

The latter is the area I wrote about on Wednesday.

Key resistance above 0.7100 comes in at 0.7330, followed by 0.7500.

That 0.7500 region has been my target for NZDUSD since October 27th, when the pair was trading 380 pips lower.

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NZDUSD horizontal levels on the daily chart
NZDUSD daily time frame

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6 comments
Justin Bennett says

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Marcos Rodriguez says

Thank you so much for your free setups!!

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    Justin Bennett says

    You’re welcome.

    Reply
Omar says

Hi Mr Justin, i really appreciate those set ups, i really gained some profit from the previous GBPNZD set up, i found way to join the move lower and it helps, sooner or later joining your community is must, got to learn a lot from you. Thanks

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Ray says

So i should buy When it breaks over .71?

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stephen ifeanyi says

i am following this signal, but the kind of bullback on NZDUSD today really scared me. as much as i admit its stil within the bigger picture, can i continue to hold the trade sir.

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