(Video) NZDUSD on Breakout Watch

Written by Justin Bennett

Trusted by 100k monthly readers

Last Updated November 19, 2019

Forex trader since 2002

Written by Justin Bennett 

Forex trader since 2002

100k monthly readers

Updated November 19, 2019


Is the NZDUSD set to rally 200+ pips?

Watch the video below to find out what I think.

Be sure to also scroll down for more commentary and an annotated chart.

NZDUSD buyers are refusing to back down this week.

I first wrote about the possible inverse head and shoulders on October 31.

We also looked at the pattern again in Saturday’s forecast video.

More specifically, I pointed out how the potential bullish reversal pattern is still intact despite the recent retest of 0.6320 support.

Notice how NZDUSD bulls are once again testing the neckline at 0.6420/30.

The fact that buyers aren’t backing down is a sign of strength, in my opinion. I wrote about this concept in Monday’s NZDCAD commentary.

Remember too that NZDUSD is coming off a confluence of support around 0.6200.

I wrote about this on October 31.

In fact, the 0.6200 area is the location of a twenty-year trend line that extends from the 2000 and 2001 lows.

As for now, though, it’s going to take a daily close above neckline resistance at 0.6420/30 to expose higher levels.

One such resistance level is 0.6490.

Notice how 0.6490 served as support for the NZDUSD in May and June.

A daily close above 0.6490 would expose the next key resistance area at 0.6580/90.

But the more immediate path forward for NZDUSD depends on whether or not buyers can secure a daily close above 0.6420/30.

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NZDUSD inverse head and shoulders on the daily time frame
(Video) NZDUSD on Breakout Watch 2
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Justin Bennett - founder of Daily Price Action

About the author

Justin Bennett started trading in 2002, and let's just say it was a bumpy ride. But in 2010, he had his "aha" moment once he ditched the indicators and focused 100% on price action. Justin has built a following of 100,000+ monthly readers and taught thousands of traders using his simple, no-nonsense approach. He's been highlighted as a top trader by Stocks and Commodities Magazine and regularly featured by Forex Factory next to publications from Bloomberg and CNBC. ...Read More


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