NZDUSD Weekly Bullish Pin Bar Points to Higher Prices

by Justin Bennett  · 

January 4, 2019

by Justin Bennett  · 

January 4, 2019

by Justin Bennett  · 

January 4, 2019

NZDUSD buyers were determined to close the pair above 0.6700 this week.

As a result, the pair has carved a bullish pin bar on the weekly time frame. This will likely trigger a move higher next week.

Not only has 0.6700 been a key factor for NZDUSD since July of last year, but it’s also the 50% retracement of the recent move higher that began in October 2018.

It’s no surprise then that buyers were eager to hold the line at 0.6700.

This week’s pin bar is also a bullish engulfing range. It’s largely a result of last week’s small holiday range, but it is another bullish factor nonetheless.

As for key resistance levels, first up is 0.6920.

The area could be as high as 0.6970. However, the weekly time frame does show how the 0.6920 level has been influential since May of last year.

Even though 0.6920/70 may cause some issues for buyers, I don’t expect it to be the final destination for NZDUSD.

For that, I think we have to look higher toward 0.7170. The area served as key support in February and March of last year.

It would also equal a 580 pip move from this week’s low which is nearly identical to the recent 550 pip rally between October and December 2018.

That leaves traders with more than 400 pips to work with.

Alternatively, a weekly close below 0.6700 or a move below this week’s low of 0.6588 would negate the bullish outlook.

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NZDUSD bullish pin bar on the weekly time frame

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  1. Hi Justin, thank you for the input on the NZDUSD. I am waiting for a pull back to get in, since I missed the 1st opportunity. My initial target was .6860

  2. Your analysis is shaping my understanding of Forex trading as a new trader.
    Thank so very dearly for been a blessing.

  3. Thank you justin, i been following you for a week now and am very happy to say that your explanation is very clear to understand and beneficial. Well done and keep it up. I will keep on reading your view and will keep in touch. Have a bless weekend.

  4. I had that trade set up this week, but I couldn’t take it cause of self-doubt… but I’m sure that leaves room for me to improve,I cant wait to be in your channel

  5. My concern is that the tail of this pinbar is due to the flash crash last week. Should we discount for this large one-off event?

  6. This analysis is possible because DXY has broken out below wedge pattern that it had on the Weekly the retest of the break out will allow NZDUSD to retrace 50% of the pin bar giving you a good entry . I will set a buylimit at 50% retracement of the pin bar that gives me a 100pips stoploss and 400pips profit. Thanks J. for you teachings.

    1. No true.Repricing of Strong NFP comes in.The up was due to Market perceiving Powell speech as dovish.Which to me,the two rate Hike will still come this year.Yes for Au/usd and N/U possible up side cos of Trade negotiations b/w China and US.Technically and fundamentally NU is going up.But US index not going down.Usindex=opposite of Eur/Usd.

      1. Technically DXY is going down. She has broken out of a wedge pattern. Plot the wedge and see for yourself. I see a potential of 700 Pips move on DXY. If messured from the formation of the wedge. Also, The first interest rate decision comes in march that gives DXY to run to it’s destination then Goes back up.

  7. Thank you so much Justin. I am learning a lot from your analyzes!
    Hope to soon join your community to learn more. Happy new year!

  8. We shall see. Who is the boss. This beautifull pinbar with all his confluence. Or has the price on the weekchart first finish his ride for a while and bottom out there? (0,62) Anyway we get a great lesson in the next week(s)

  9. Hey Justin,
    I have been following u for a while now, your analysis are great. I do compare my analysis with yours sometimes to make decision on some pairs.

    What is your Opinion on this NZDUSD. The weekly buy is still actice?

    Thanks man, soon I shall be ur registered student.

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