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New Zealand Dollar Sentiment Flips – Supportive of Further Gains

New Zealand Dollar Sentiment Flips – Supportive of Further Gains

NZDUSD - The ratio of long to short positions in the NZDUSD stands at -1.05 as 49% of traders are long. Yesterday the ratio was -1.10; 48% of open positions were long. Long positions are 0.3% higher than yesterday and 4.6% below levels seen last week. Short positions are 4.7% lower than yesterday and 47.6% above levels seen last week. Open interest is 2.3% lower than yesterday and 14.5% above its monthly average. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are short gives signal that the NZDUSD may continue higher. The trading crowd has grown less net-short from yesterday but unchanged since last week. The combination of current sentiment and recent changes gives a further mixed 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.