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New Zealand Dollar Defies Expectations and Flies Higher

New Zealand Dollar Defies Expectations and Flies Higher

David Rodriguez, Head of Product
ssi_nzd-usd_body_Picture_15.png, New Zealand Dollar Defies Expectations and Flies Higher

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NZDUSDA major reversal higher in the New Zealand Dollar has been met with aggressive retail forex trader selling; our contrarian view of crowd sentiment favors further highs.

Trade Implications – NZDUSD: We recently wrote in favor of a material Kiwi dollar reversal lower as both price and sentiment hit significant extremes. Yet the ‘Bird’ remains in flight and has clearly defied our expectations. The sharp build in crowd selling leaves our focus to the topside, and a break of the April peak at $0.8675 seems likely.

--- Written by David Rodriguez, Quantitative Strategist for

ssi_nzd-usd_body_Picture_9.png, New Zealand Dollar Defies Expectations and Flies Higher

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