New Zealand Dollar May test Fresh Lows versus US Dollar
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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
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.