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.

NZD/USD Technical Strategy: FLAT

  • New Zealand Dollar struggling to follow through after range floor bounce
  • Incoming fourth-quarter GDP data may offer greater directional conviction
  • Looking for improved risk/reward, confirmation to re-establish a position

The New Zealand Dollar is struggling to find lasting upside follow-through against its US namesake after the latest downswing recoiled at familiar range support. Even a breach of minor support to expose the range top above 0.74 is proving challenging. Incoming GDP data may offer a bit of directional clarity.

A daily close above resistance at 0.7332, the 23.6% Fibonacci expansion, opens the door for a test of the 0.7428-34 area (38.2% level, September 20 high. Alternatively, a turn below trend line support at 0.7275 exposes range floor support in the 0.7177-86 zone (February 8 low, 38.2% Fib retracement) once again

The second half of an NZD/USD short trade opened at 0.7319 stopped out at breakeven after booking initial profit. With prices at resistance, entering long looks unattractive on risk/reward grounds. Meanwhile, re-establishing short needs confirmation of reversal. Staying flat seems most prudentfor now.

Join our live coverage of New Zealand GDP data and see how it will shape NZD/USD positioning!

NZD/USD Technical Analysis: Rebound Struggles Before GDP Data

NZD/USD TRADING RESOURCES

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

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

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