Daily Price Action
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NZDUSD Weekly Bullish Pin Bar Points to Higher Prices

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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

Leave a Comment:

62 comments
Oluwafemi says

Thank you so much

Reply
    Justin Bennett says

    You’re welcome.

    Reply
Nishiyama Akira says

thank you very much to pro.

Reply
    Justin Bennett says

    You’re welcome.

    Reply
lance says

Does it follow that AUDUSD (with a similar PIN bar) may mirror this?

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Fabio says

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

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    Justin Bennett says

    You’re welcome, Fabio.

    Reply
Al says

This one appears to have a lot going for it. I’m struggling to contain my excitement 🙂

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Oladimeji says

This is a good one thanks…

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    Justin Bennett says

    You’re welcome.

    Reply
Maureen says

Thank you.

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alex says

Thanks Justin .. . Following you

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    Justin Bennett says

    Anytime, Alex. I appreciate the support.

    Reply
TAIWO MARTINS says

Great sir. I respect that opinion

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Francis Oluwafemi Pius says

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

Reply
    Justin Bennett says

    You’re welcome. Great to hear you’re finding it so helpful.

    Reply
DASUN says

Thanks sir…… Following you

Reply
    Justin Bennett says

    You’re welcome.

    Reply
Helena says

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.

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    Justin Bennett says

    My pleasure, Helena. Hope you have a great year.

    Reply
Brian Modise says

Thank you 🙏🏽

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    Justin Bennett says

    Sure thing, Brian.

    Reply
Dee says

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

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Vettis K1 says

On point with analyses I’ve been tracking this NZUSD pair since November thank for the input much appreciated.

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    Justin Bennett says

    You’re welcome.

    Reply
Sheetal says

Thank you so much Sirji

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    Justin Bennett says

    You’re welcome.

    Reply
Fidelis says

Your analysis has really shaped the way I view the forex market….thanks a million boss

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    Justin Bennett says

    Pleased to hear it! My pleasure, as always.

    Reply
Chinasa says

Wow nice am still a learn how to get it right with my strategy but I think will b following urs analysis

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kallie cronje says

thank you very much

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    Justin Bennett says

    You’re very welcome.

    Reply
Robert says

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?

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    Justin Bennett says

    Perhaps, but there wasn’t much of a dip in NZDUSD compared to other pairs.

    Reply
Abdus Salam says

Dear sir thanks a lot for your nzdusd forecas. Now need eurjpy current forecast

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    Justin Bennett says

    You’re welcome.

    Reply
Ehiz says

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.

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    Tobenna says

    Exactly brooooo….you’re so on point.

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    Louis1010 says

    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.

    Reply
      Ehiz says

      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.

      Reply
    Justin Bennett says

    Right, I’ve been discussing the DXY wedge in the member’s area for several weeks.

    Reply
Sy Ha says

Thank you very much

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    Justin Bennett says

    You’re very welcome.

    Reply
Michael Motau says

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!

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    Justin Bennett says

    You’re welcome, Michael. I look forward to seeing you in the member’s area. Cheers.

    Reply
Uzoma Nnamdi says

Great analysis sir. sir do you advice a %50 fib level entry. Happy new year

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    Justin Bennett says

    Perhaps. Happy New Year.

    Reply
Je says

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)

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Hope says

Thank you sir

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    Justin Bennett says

    It’s my pleasure.

    Reply
tom says

excellent

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PHAM BINH LUU says

Thanks a lot for your article!

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    Justin Bennett says

    You’re welcome.

    Reply
Chukwudi says

Thanks alot you are such a great person

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    Justin Bennett says

    You’re welcome.

    Reply
Rawlings MD says

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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ADEYANJU IBRAHIM ALASI says

ls very helpfull reading your analysis.

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