Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
New Zealand Dollar Reversal is Short-Lived, Declines Likely

New Zealand Dollar Reversal is Short-Lived, Declines Likely

David Rodriguez, Head of Product

Share:

NEW: View Real-Time SSI Updates via the FXCM Trading Station Desktop

NZDUSD –Retail FX traders remain long the New Zealand Dollar versus its US namesake, and a contrarian view of crowd sentiment leaves near-term risks to the downside. Last week we highlighted a significant shift towards NZD-selling which suggested that a larger reversal higher was possible. Yet such a forecast was predicated on whether our data showed traders continued to sell; they have not, and our near-term trading bias has shifted accordingly.

Until we see a more sustained shift towards selling, we’ll continue to watch for NZD weakness.

See next currency section: XAUUSD - Gold Prices Remain at Risk for Weakness

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.

Contact David via

Twitter at http://www.twitter.com/DRodriguezFX

Facebook at http://www.Facebook.com/DRodriguezFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES