New Zealand Dollar Forecast Remains Cautiously Bearish
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NZDUSD – Our retail forex data shows that the majority of traders remain long the New Zealand Dollar versus its US namesake, and a contrarian view of crowd sentiment leaves us firmly in favor of selling into NZD/USD declines.
It is perhaps worth noting that positioning has moderated since last week; total open short positions have risen 5 percent while long positions have fallen a sizeable 21 percent. Yet we would have to see a much more meaningful shift and a flip to net-short to call for a worthwhile NZD reversal.
See next currency section: XAUUSD - Gold Prices Show Signs of Life
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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