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New Zealand Dollar Expected to Continue Lower

New Zealand Dollar Expected to Continue Lower

David Rodriguez, Head of Product
New Zealand Dollar Expected to Continue Lower

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NZDUSD – Retail forex trading crowds remain net-long the New Zealand Dollar versus the US Dollar and have remained so since the NZD/USD traded below $0.7600 in May. A contrarian view of herd sentiment leaves us firmly in favor of selling into NZD declines, and it would take a material shift in positions to shake us from said trading bias.

See next currency section: XAUUSD - Gold Prices May Have Set Important Low

--- 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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