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NZDUSD – Retail FX traders have recently sold into New Zealand Dollar gains versus the US Dollar, and a contrarian view of crowd sentiment warns that the NZD/USD may continue higher. Current positioning shows that approximately 55 percent of all trades are short the NZD versus its US namesake; total open short positions are up 27 percent since last week while long positions have fallen 18 percent.
The notable shift acts as contrarian signal in favor of a continued NZD/USD rally.
See next currency section: XAUUSD - Gold Price Forecast to Hit Further Lows
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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