New Zealand Dollar Rally has a Fighting Chance
Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.
Trade Implications NZDUSD – The trading crowd first turned net-long the Kiwi as it traded below $0.8600, and positioning has been relatively consistent ever since. In fact the ratio of long to short positions remains almost exactly unchanged on the week. Yet clear signs of turnaround in the broader commodity bloc warn against selling aggressively into NZDUSD gains. We’ll need to see a renewed turn towards retail NZD-buying before calling for a resumption of the larger downtrend.
See next currency section: GBPJPY - Sterling Remains a Buy versus the Japanese 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.