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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

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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

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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