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New Zealand Dollar May Finally Turn Higher

New Zealand Dollar May Finally Turn Higher

David Rodriguez, Head of Product
New Zealand Dollar May Finally Turn Higher

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NZDUSD The New Zealand Dollar shows early signs of a potentially lasting turn versus the US Dollar, and as such we are no longer in favor of selling into NZD gains.

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

New Zealand Dollar May Finally Turn Higher

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