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New Zealand Dollar Expected to Gain Further

New Zealand Dollar Expected to Gain Further

2015-02-05 16:00:00
David Rodriguez, Head of Product
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New Zealand Dollar Expected to Gain Further

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NZDUSD A major shift in retail trader sentiment warns the New Zealand Dollar may continue higher versus the US Dollar.

Trade Implications NZDUSD An important NZDUSD rally has been met with fairly aggressive retail FX trader selling, and a contrarian view of crowd positions leads us to call for further NZD gains. We admittedly made a similar forecast on a comparable shift in early January and were clearly early. Yet this shift in the NZD occurs as other pairs warn of a Dollar turn, and a further shift towards NZDUSD selling would further confirm a potentially significant reversal in trend.

See next currency section: GBPJPY - British Pound Poised to Lose versus Japanese Yen

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

New Zealand Dollar Expected to Gain Further

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