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New Zealand Dollar Rally Falls Short

New Zealand Dollar Rally Falls Short

David Rodriguez, Head of Product

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NZDUSD Choppy moves in the New Zealand Dollar have forced similar indecision in trader sentiment, and our short-term trading bias remains neutral until we see further clarity.

Trade Implications NZDUSD Our retail FX trader data showed the majority of traders turned short the New Zealand Dollar versus the US Dollar through last week’s trading, and a contrarian view of sentiment led us to call for NZD strength. Yet that proved short-lived as traders are once again net-long, and we’ll wait for a more sustained shift in crowd positioning before calling for a larger NZDUSD reversal.

See next currency section: GBPJPY - British Pound May Hold Gains 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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