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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 3.03 as 75% of traders are long. Yesterday the ratio was 3.31; 77% of open positions were long. Long positions are 1.9% lower than yesterday and 13.7% above levels seen last week. Short positions are 7.0% higher than yesterday and 0.2% below levels seen last week. Open interest is 0.2% higher than yesterday and 10.2% 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 but further long since last week. We maintain our contrarian bias towards selling the New Zealand Dollar.

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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