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New Zealand Dollar at Risk of Major Breakdown

New Zealand Dollar at Risk of Major Breakdown

David Rodriguez, Head of Product
New Zealand Dollar at Risk of Major Breakdown

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NZDUSD Extremely one-sided sentiment warns that the New Zealand Dollar may continue onto fresh lows versus the US Dollar.

Trade Implications NZDUSD The majority of retail FX traders in our sample turned long the NZDUSD as it traded below $0.8600 through late July, and fairly consistent crowd buying leaves us looking to further downside. Our Senior Technical Strategist highlights the current market price as a critical level of support for the Kiwi Dollar. If $0.7930 gives way we see little concrete support until 2013 lows near $0.7700.

See next currency section: EURCHF - Euro Very Likely to Fall further versus Swiss Franc

--- Written by David Rodriguez, Quantitative Strategist for

New Zealand Dollar at Risk of Major Breakdown

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