New Zealand Dollar Likely to Fall Further
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NZDUSD – Retail traders in our sample have remained net-long the New Zealand Dollar versus the US Dollar since the pair traded below $0.8600 in July. Until this changes we will continue to call for weakness.
Trade Implications NZDUSD – A recent build in crowd NZD-selling warned that the Kiwi currency could eventually make a serious run at October highs. Yet clear failure to hold gains have combined with a build in long interest to keep us focused on further downside. Until we see a substantive shift in sentiment we will continue to call for NZD weakness.
See next currency section: GBPJPY - Japanese Yen Remains a sell versus GBP
--- 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.