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New Zealand Dollar Likely to Rally Further

New Zealand Dollar Likely to Rally Further

David Rodriguez, Head of Product
New Zealand Dollar Likely to Rally Further

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NZDUSDRetail FX traders have sold aggressively into recent New Zealand Dollar gains, and a contrarian view of crowd sentiment points to further NZD gains.

The ratio of long to short positions in the NZDUSD stands at -1.92 as 34% of traders are long. Yesterday the ratio was 1.06; 52% of open positions were long. Long positions are 3.3% higher than yesterday and 5.7% below levels seen last week. Short positions are 110.3% higher than yesterday and 60.5% above levels seen last week. Open interest is 55.2% higher than yesterday and 40.1% above its monthly average. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are short gives signal that the NZDUSD may continue higher. The trading crowd has flipped from net-long to net-short from yesterday but unchanged since last week. The combination of current sentiment and recent changes gives a further bullish trading bias.

See next currency section: GBPJPY - British Pound Outlook Unclear versus Yen

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

New Zealand Dollar Likely to Rally Further

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