Never miss a story from Ilya Spivak

Subscribe to receive daily 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 DailyFX 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 your subscriptions by following the link in the footer of each email you will receive

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


  • NZ Dollar back on the defensive as sellers challenge 6-week support
  • Risk/reward setup might keep breakout at bay pending key event risk
  • Much-anticipated FOMC interest rate policy decision looming large

See our free trading guide to help build confidence in your NZDUSD trading strategy!

The New Zealand Dollar recoiled downward after testing resistance guiding it lower against its US counterpart since late July 2017. Prices are now testing support defining the upswing from mid-June. A daily close below that would paint the rise as corrective and argue for resumption of the longer-term decline.

In this scenario, initial support lines up in the 0.6559-91 congestion area. A further push below that sets the stage to challenge the base of the six-week rally in the 0.6482-96 zone. On the topside, a dense resistance bloc running up through 0.6727 is followed by the July 19 swing high at 0.6791.

New Zealand Dollar vs US Dollar price chart - daily

An actionable trade setup seems to be absent at present. NZDUSD are sitting squarely top near-term support, which might dissuade a fresh crop of sellers from joining the fray on risk/reward grounds. On the other hand, making the case for a lasting move higher seems to demand at least a discernible reversal signal.

With that in mind, a period of digestion near current levels may be in the cards until an external catalyst forces a decisive breakout. The coming week is loaded with heavy duty event risk to provide just such a nudge. A much-anticipated FOMC monetary policy announcement may prove to be most decisive.


--- Written by Ilya Spivak, Currency Strategist for

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