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New Zealand Likely Set Important Low versus US Dollar

New Zealand Likely Set Important Low versus US Dollar

David Rodriguez, Head of Product
New Zealand Likely Set Important Low versus US Dollar

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NZDUSDAn abrupt shift in retail FX trader sentiment suggests that the New Zealand Dollar set an important short-term low versus the US Dollar.

Trade Implications NZDUSD Our trader data shows that ‘the crowd’ is now net-short the New Zealand dollar for only the second time since July, 2014, and a contrarian view of sentiment leads us to believe the NZ$ could correct higher through near-term trading. There are currently 1.1 open positions short for every long, and a continued drive towards selling would add further conviction to forecasts for NZDUSD gains.

See next currency section: GBPJPY - British Pound Looks like a Sell versus Japanese Yen

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

New Zealand Likely Set Important Low versus US Dollar

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