New Zealand Dollar Outlook Unclear
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NZDUSD - The ratio of long to short positions in the NZDUSD stands at -1.05 as 49% of traders are long. Yesterday the ratio was -1.15; 47% of open positions were long. Long positions are 2.9% higher than yesterday and 8.3% below levels seen last week. Short positions are 5.8% lower than yesterday and 12.1% below levels seen last week. Open interest is 1.8% lower than yesterday and 15.8% below 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 grown less net-short from yesterday and last week. The combination of current sentiment and recent changes gives a further mixed trading bias.
See next currency section: GBPJPY - British Pound May Fall Further versus Yen
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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