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New Zealand Dollar Poised to Depreciate Further

New Zealand Dollar Poised to Depreciate Further

David Rodriguez, Head of Product
New Zealand Dollar Poised to Depreciate Further

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NZDUSD Retail traders in our sample remain long the New Zealand Dollar as well as other commodity currencies versus the US Dollar. Until that changes we’ll call for further weakness.

Trade Implications NZDUSD It was in July when the Kiwi Dollar broke below $0.8600 that traders first turned net-long, and positioning has been relatively consistent ever since. Clearly such one-sided price momentum raises risk that the NZD could see an important correction higher. But we need to see concrete signs of a shift in sentiment before we shift our trading bias across the commodity bloc.

See next currency section: GBPJPY - Sterling Looks like a Buy versus the Yen

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

New Zealand Dollar Poised to Depreciate Further

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