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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
New Zealand Dollar May have Set Significant Low

Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.

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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