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New Zealand Dollar remains at Risk of Depreciation

New Zealand Dollar remains at Risk of Depreciation

2014-11-20 16:30:00
David Rodriguez, Head of Product
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New Zealand Dollar remains at Risk of Depreciation

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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

New Zealand Dollar remains at Risk of Depreciation

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