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New Zealand Dollar Forecast Firmly in Favor of Depreciation

New Zealand Dollar Forecast Firmly in Favor of Depreciation

David Rodriguez, Head of Product
New Zealand Dollar Forecast Firmly in Favor of Depreciation

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NZDUSD - The ratio of long to short positions in the NZDUSD stands at 2.75 as 73% of traders are long. Yesterday the ratio was 3.10; 76% of open positions were long. Long positions are 5.4% lower than yesterday and 8.3% above levels seen last week. Short positions are 6.9% higher than yesterday and 17.0% above levels seen last week.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. Yet the heavily one-sided standing position leaves our bearish trading bias intact.

See next currency section: GBPJPY - British Pound Expected to Continue Higher versus 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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