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Implications: Bullish

NZD:  The 52 and 13 week COT indexes are at 2 and 0 after being at 4 and 0.  Readings this low are suggestive of a bearish sentiment extreme and reversal opportunity.  However, this could also be the beginning of a larger bear trend.  In such instances, COT data will indicate an initial bearish extreme before the big decline begins…so be careful.