Daily Price Action

(Video) NZDUSD Rally Could Have Another 850 Pips to Go


I wrote about the bullish narrative for NZDUSD on July 1st.

But can buyers keep this trend reversal going?

Watch the video below to get my thoughts.

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

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On July 1st, I wrote about a false break that reinforced the bullish narrative for the NZDUSD.

The false break I’m referring to occurred below a multi-year trend line.

I discussed this move at length and how a monthly close back inside of this wedge would confirm the false break.

NZDUSD false break on the monthly chart
NZDUSD monthly time frame

June’s close did just that, which is why I became bullish on the New Zealand dollar on July 1st.

As I’ve said before, a false break to one side of a pattern often triggers an extended move in the opposite direction.

Since then, the NZDUSD has gained over 200 pips.

But this trend reversal is just getting underway, in my opinion.

If NZDUSD bulls can secure a daily close above the 0.6750 resistance area, there isn’t much to prevent a run at 0.7160 and perhaps even 0.7500.

The 0.7500 area marks the significant swing high that materialized in mid-2017.

That said, we could see a bit more consolidation before buyers can muster enough strength to take out the 0.6750 region.

Key near term support comes in at 0.6580.

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NZDUSD support and resistance on the daily time frame
NZDUSD daily time frame

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Justin Bennett says

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Samuel says

Thanks for the updates.

Peter Egwuatu says

Thanks mentor! You are doing great and you have helped me a lot to stop losing over the past 3 months I have been following you. 👍

Jamal says

This is good macro analysis for NZDUSA, how can we utilise this info to trade profitably ?

Duncan says

Hi Justin, how will i be added to DPA once i sign up?

ali says

Thanks for the excellent information sir justin.

Nanko Miri says

I will like to join the dpa members forum. And i also would like to know if trade signals are given to members.

Olusegun Isaac says

Yes,you have said it all ‘we could see a bit more consolidation before buyers can muster enough strength to take out the 0.6750 region”.This is necessary because wave cycle has completed for wave 1(as this uptrend is the begining of new cycles).I am expecting this correction to end at 0.63800 zone which would probably serve as wave 2.Thereafter,i am expecting uptrend continuation (i.e wave 3). In addition to my wave pattern,inter-market analysis also suggest that we could experience mild risk-off these coming days(i.e Monday to Friday).Thanks and keep a good work up

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