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New Zealand Dollar May have Set Significant Low

New Zealand Dollar May have Set Significant Low

David Rodriguez, Head of Product

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NZDUSD –A substantial shift in retail forex trader sentiment warns that the New Zealand Dollar may have set an important short-term low, and our market cycles specialist points out that a close above $0.6700 would warn that a larger retracement is at hand.

Traders remain marginally net-long the NZD, but an 85 percent week-on-week surge in short positions leaves our Speculative Sentiment Index ratio at its least net-long since the pair traded near $0.7500. We see this as reason the New Zealand Dollar may be at a key turning point.

See next currency section: XAUUSD - Gold Prices Lose their Luster, Watch for Further Declines

--- 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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