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New Zealand Dollar May test Fresh Lows versus US Dollar

New Zealand Dollar May test Fresh Lows versus US Dollar

David Rodriguez, Head of Product
New Zealand Dollar May test Fresh Lows versus US Dollar

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NZDUSD The New Zealand Dollar’s failure to sustain a break higher versus the US Dollar warns that its recent reversal may be short-lived.

Trade Implications NZDUSD Last week we noted our retail FX trader data showed ‘the crowd’ turned net-short the New Zealand dollar for only the second time since July, 2014. We believed this was the start of a larger NZDUSD higher, but positioning is once again net-long as the pair fails to sustain a break higher. A negative volume profile indeed suggests that the NZDUSD downtrend remains intact.

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

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

New Zealand Dollar May test Fresh Lows versus US Dollar

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