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New Zealand Dollar Rally has a Fighting Chance

New Zealand Dollar Rally has a Fighting Chance

David Rodriguez, Head of Product
New Zealand Dollar Rally has a Fighting Chance

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NZDUSD Retail FX traders remain long the New Zealand Dollar versus the US Dollar, which serves as steady contrarian signal the pair may continue lower. Yet we see early signs of turnaround.

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

New Zealand Dollar Rally has a Fighting Chance

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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