New Zealand Dollar Shows Signs of Turnaround
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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 we have consistently favored selling into the clear downtrend. Yet the pair has stopped and reversed near critical support near 2013 lows, and retail traders have actually sold aggressively into the recent bounce. A flip to net-short could help confirm the turnaround.
See next currency section: EURCHF - Euro Remains in Downtrend versus Swiss Franc
--- 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.