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NZDUSD – Retail FX traders remain long the New Zealand Dollar and continued buying through the past week, and said fact gives us a steadily bearish contrarian trading bias.
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. Last week we warned that a modest shift in the broader Commodity Bloc suggested that the NZD could make a more sustained shift higher. Yet we clearly got ahead of ourselves, and the opposite has happened since. We will stick to calls for NZD declines.
See next currency section: GBPJPY - Sterling Poised for Gains versus Downtrodden Japanese Yen
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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