New Zealand Dollar Forecast to Continue Larger Downtrend
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NZDUSD – Retail forex trading crowds remain heavily long the New Zealand Dollar versus its US namesake, and a contrarian view of sentiment acts as steady signal that the pair may continue lower. Long positions are up a further 5 percent since last week while short positions are roughly unchanged. We see little reason to stray from our long-standing NZD-bearish trading bias.
See next currency section: XAUUSD - Gold Prices Expected to Fall Further
--- 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.