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New Zealand Dollar Targets Fresh Lows

New Zealand Dollar Targets Fresh Lows

2014-10-23 14:55:00
David Rodriguez, Head of Product
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New Zealand Dollar Targets Fresh Lows

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NZDUSD Steadily one-sided FX trader sentiment warns that the New Zealand Dollar will likely continue lower versus the US Dollar.

Trade Implications NZDUSD Our retail sample shows that the majority of traders have remained long the NZDUSD since it traded below $0.8600 through July—providing consistent contrarian signal to sell into weakness. And indeed traders have grown further long since last week as the pair reversed sharply off of key resistance at $0.8000.

A retest of multi-year lows near $0.7700 seems likely, and a further breakdown targets the 2012 bottom of $0.7460.

See next currency section: GBPJPY - British Pound Could Trade Higher versus Japanese Yen

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

New Zealand Dollar Targets Fresh Lows

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