Signal: Forming a bottom
NZD: The % of total commercial positions that are long measured through a 52 week percentile is at 90 and the % of total speculative positions that are long measured through a 52 week percentile is at 6. The 52 and 13 week COT indices are at 4 and 0. With hedgers close to a bullish extreme and speculators at a bearish extreme, probability is high that the NZD is forming an important low.