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