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New Zealand Dollar Targets Fresh Lows

New Zealand Dollar Targets Fresh Lows

David Rodriguez, Head of Product

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NZDUSD Retail FX traders remain steadily long the New Zealand Dollar versus the US Dollar, and a contrarian view of crowd sentiment points to further NZDUSD weakness.

Trade Implications NZDUSD A sharp shift in retail sentiment through mid-December warned of a sustained NZ$ bounce, but that proved quite short-lived as the pair turned lower and crowds bought into weakness. Long positions now outnumber those short by nearly 1.7 to 1, and such heavily one-sided sentiment leaves us little reason to expect anything but further NZD weakness.

See next currency section: GBPJPY - British Pound Remains Attractive versus 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.

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