New Zealand Dollar Poised to Depreciate Further
Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.
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
Automate our SSI-based trading strategies via Mirror Trader free of charge
To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.
Contact David via
Twitter at http://www.twitter.com/DRodriguezFX
Facebook at http://www.Facebook.com/DRodriguezFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.