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NZDUSD – Retail FX traders remain steadily long the New Zealand Dollar versus its US namesake, and a contrarian view of crowd sentiment warns that the pair remains stuck in its broader downtrend.
As with the Australian Dollar, it remains possible that heavily one-sided crowd sentiment may point to an important price extreme and reversal. Yet those turnarounds are only clear in hindsight, and we can’t realistically advocate joining the crowd in getting long at these levels.
See next currency section: XAUUSD - Gold Price Outlook Suggests Further Declines Likely
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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