New Zealand Dollar May Finally Turn Higher
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Trade Implications NZDUSD – Our retail FX trader sample shows that the majority of traders turned net-long the NZDUSD as it traded below $0.8600 in July. Yet long interest has fallen 25 percent since last week, while short positions are up 6 percent. It is early as total long positions outnumber shorts by 1.4 to 1, but we can’t ignore the potentially important signal that the NZD set a lasting low.
See next currency section: GBPJPY - Sterling Remains a buy versus 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.