Get 40% Off
to Daily Price Action.
Ends December 31!
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.
Get Instant Access to the Same "New York Close" Forex Charts Used by Justin Bennett!
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.