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New Zealand Dollar Forecast Firmly in Favor of Depreciation

New Zealand Dollar Forecast Firmly in Favor of Depreciation

2015-06-25 14:35:00
David Rodriguez, Head of Product
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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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