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NZDUSD – Choppy moves in the New Zealand Dollar have forced similar indecision in trader sentiment, and our short-term trading bias remains neutral until we see further clarity.
Trade Implications NZDUSD – Our retail FX trader data showed the majority of traders turned short the New Zealand Dollar versus the US Dollar through last week’s trading, and a contrarian view of sentiment led us to call for NZD strength. Yet that proved short-lived as traders are once again net-long, and we’ll wait for a more sustained shift in crowd positioning before calling for a larger NZDUSD reversal.
See next currency section: GBPJPY - British Pound May Hold Gains versus Japanese Yen
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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