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New Zealand Dollar in Position to Continue Lower

New Zealand Dollar in Position to Continue Lower

David Rodriguez, Head of Product
New Zealand Dollar in Position to Continue Lower

Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.

NZDUSD - The ratio of long to short positions in the NZDUSD stands at 1.90 as 66% of traders are long. Yesterday the ratio was 2.09; 68% of open positions were long. Long positions are 0.4% lower than yesterday and 10.9% below levels seen last week. Short positions are 9.4% higher than yesterday and 86.8% above levels seen last week. Open interest is 2.7% higher than yesterday and 32.1% above its monthly average. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are long gives signal that the NZDUSD may continue lower. The trading crowd has grown less net-long from yesterday and last week. We maintain a contrarian bearish trading bias.

See next currency section: GBPJPY - British Pound Forecast to Strengthen against 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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