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NZ Dollar Poised for Declines Unless this Level Gives Way

NZ Dollar Poised for Declines Unless this Level Gives Way

David Rodriguez, Head of Product
NZ Dollar Poised for Declines Unless this Level Gives Way

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NZDUSDHeavily one-sided forex crowd positioning warns that the New Zealand Dollar could continue to trade lower versus the US Dollar.

Trade Implications – NZDUSD: Retail traders are near their most long the NZDUSD on record, and until that changes we’ll continue to call for further declines. The recent Kiwi bounce suggests that momentum is slowing. Yet our Senior Technical Strategist highlights that it will need to rally above $0.8534 to have confidence in a minor turn higher.

See next currency section:EURUSD - Euro Resilience Gives us Pause, but Not out of Woods Yet

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

NZ Dollar Poised for Declines Unless this Level Gives Way

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