Never miss a story from Ilya Spivak

Subscribe to recieve updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from Daily FX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Ilya Spivak

You can manage you subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

To receive Ilya's analysis directly via email, please SIGN UP HERE

NZD/USD Technical Strategy: Short at 0.7227

  • New Zealand Dollar fell to one-month low after dovish RBNZ policy update
  • A break of near-term chart support hints at push below 0.72 figure ahead
  • Short position re-established after pop on jobs data stops out earlier trade

The New Zealand Dollar has dropped to touch the lowest level in a month against its US counterpart, with a break of near-term chart support warning of deeper losses ahead. The latest push lower comes courtesy of a dovish RBNZ policy announcement, building on an earlier sentiment-inspired breakdown.

From here, a daily close below the 38.2% Fibonacci expansion at 0.7140 opens the door for a challenge of the 50% level at 0.7049. Alternatively, a reversal back above the 23.6% level at 0.7254 sees the next major upside barrier at 0.7434, a swing top marked by the September 20 high.

The NZD/USD short trade triggered at 0.7275 was stopped out on an upswing driven by upbeat employment data, a move quickly unwound as the RBNZ policy call hit the wires. The position has now been re-established at 0.7227, initially targeting 0.7140. A stop-loss will be activated on a daily close above 0.7264.

Need help with your NZD/USD strategy? Check out our free beginners’ FX trading guide!

NZD/USD Technical Analysis: Deeper Downturn Seen Ahead

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To contact Ilya, use the comments section below or @IlyaSpivak on Twitter