New Zealand Dollar Remains Close to Key Resistance
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NZDUSD - The ratio of long to short positions in the NZDUSD stands at -1.19 as 46% of traders are long. Yesterday the ratio was -1.39; 42% of open positions were long. Long positions are 4.5% lower than yesterday and 17.9% below levels seen last week. Short positions are 18.3% lower than yesterday and 21.7% above levels seen last week. Open interest is 12.5% lower than yesterday and 1.5% 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 but unchanged since last week. The combination of current sentiment and recent changes gives a further mixed trading bias.
See next currency section: GBPJPY - Pullback in British Pound Clouds Outlook versus Yen
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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