New Zealand Dollar Poised for Continued Declines
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NZDUSD – The New Zealand Dollar continues to decline versus the US Dollar, and our data shows retail FX traders have persistently bought into weakness. A contrarian trading bias keeps us focused on NZD losses.
Trade Implications NZDUSD – A majority of open positions turned net-long the NZDUSD as it traded below $0.8600 in July. And though total long interest has fallen considerably in the meantime, the net position remains steadily long. We see little reason to change our New Zealand Dollar trading bias until we see a sustained shift towards crowd selling.
See next currency section: GBPJPY - Sterling Targets Strength versus Downtrodden Japanese Yen
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.