New Zealand Dollar May Have Finally Turned
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NZDUSD – A substantial shift in New Zealand Dollar trading sentiment combined with a key technical turn warns that the Kiwi Dollar may continue trading to fresh lows.
Trade Implications – NZDUSD: The ‘Bird’ has admittedly eluded us in recent months as we got caught on the false turn lower in early March only to be taken out of short positions on the continuation higher.
Yet retail FX traders are now near turning net-long NZDUSD for the first time in two months, and key technical evidence suggests this may finally be the move we’ve anticipated.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.