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New Zealand Dollar Losses Forecast to Continue

New Zealand Dollar Losses Forecast to Continue

NZDUSD - The ratio of long to short positions in the NZDUSD stands at 2.27 as 69% of traders are long. Yesterday the ratio was 1.14; 53% of open positions were long. Long positions are 15.3% higher than yesterday and 5.0% above levels seen last week. Short positions are 42.0% lower than yesterday and 24.4% below levels seen last week. Open interest is 11.5% lower than yesterday and 1.0% below its monthly average. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are long gives signal that the NZDUSD may continue lower. The trading crowd has grown further net-long from yesterday and last week. The combination of current sentiment and recent changes gives a further bearish trading bias.

How do we interpret the SSI? Watch an FXCM Expo Presentation that explains the SSI.

--- Written by Christopher Vecchio, Currency Strategist

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.