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New Zealand Dollar Losses Remain Likely

New Zealand Dollar Losses Remain Likely

David Rodriguez, Head of Product
New Zealand Dollar Losses Remain Likely

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NZDUSD Heavily one-sided retail FX sentiment warns that the New Zealand Dollar may continue lower versus the US Dollar. The ratio of long to short positions in the NZDUSD stands at 2.41 as 71% of traders are long. It’s worth noting that this represents a considerable moderation from last week as total long positions have fallen 18.2% and short positions are up 20.9%. Yet we would need to see a much more material shift before calling for a meaningful NZDUSD reversal.

See next currency section: GBPJPY - British Pound Expected to Fall Further 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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