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NZDUSD Future Direction Hinges on 0.6440

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The NZDUSD remains capped below the 0.6430/40 resistance area.

I’ve pointed out this region several times as one that buyers need to clear on a daily closing basis to send the pair higher.

But one thing catches my eye about the recent price action.

Notice how since reaching 0.6430/40 on November 20, the NZDUSD has yet to back away from the area.

This is either a sign of an imminent break higher or just a lack of volume due to this week’s US Thanksgiving holiday.

We should have an answer soon enough.

For now, though, I still think it’s going to take a daily close above 0.6440 to expose higher levels.

One such level is 0.6490.

Notice how it served as support in May and June. It then acted as a pivot between the 5th and 9th of August.

A close above that would target 0.6580.

Alternatively, bearish price action, such as a pin bar from 0.6430/40, would keep sellers in control a while longer.

I would caution anyone trying to sell the NZDUSD at the moment, though.

While the pair could still go either way, the constant pressure on 0.6430/40 resistance does suggest strength.

It doesn’t mean NZDUSD will move higher, but it is something to keep an eye on for now.

Regardless of what the markets do, though, I won’t be trading on Thursday as I’ll be spending time with my family.

So with that, an early Happy Thanksgiving to those in the US.

Want to watch the NZDUSD video I just released in the member’s area?

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NZDUSD horizontal support and resistance on the daily time frame

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9 comments
Justin Bennett says

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Rahat Ali says

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    Emmanuel says

    Happy christmas Justin and do have a splendid celebration with your family

    Reply
Emmanuel says

Thanks for the wonderful analysis and a very good thanksgiving to you and your family

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Zdravko says

Happy Thanks Giving Justin, thanks for teaching us!

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David Usoro says

I saw an inverted head and shoulder too on the Daily chart, once price closes above the 0.64500 neckline with a price action, then we can say that the buyers will have a good run

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ali says

Thanks for the analysis sir justin.

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Jane says

I think a break to the upside is imminent because of all that banging on resistance, it’s bound to break thru sooner than later.
Thank you Justin and may you enjoy a wonderful thanksgiving with your family.

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west maluda says

great work Justin. no matter what, you are my Champion!!!!!!!

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