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NZDUSD – Retail traders have never been more long the New Zealand Dollar versus the US Dollar, and this gives us steady contrarian signal that the NZDUSD may continue lower.
Trade Implications – NZDUSD: The NZD recently found support at key lows near $0.8400 mark, but until we see a significant shift in sentiment we’ll continue in favor of further declines. Recent reaction highs near $0.8530 represent resistance, while a break below $0.8400 opens up a larger decline towards $0.8250.
See next currency section:EURUSD - Euro Poised to Trade to Fresh Lows versus USD
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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