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New Zealand Dollar Rally Proves Short-Lived

New Zealand Dollar Rally Proves Short-Lived

David Rodriguez, Head of Product
New Zealand Dollar Rally Proves Short-Lived

Why and how do we use the SSI in trading? View our video and download the free indicator here

NZDUSD – A shift in retail forex trader positions warns that the recent New Zealand Dollar rally may prove short-lived. Last week we wrote that a strong reversal in trader sentiment pointed to renewed NZD/USD strength as the crowd suddenly sold into Kiwi Dollar gains. Yet total open short positions declined by a notable 15 percent in the past week, and overall positions are now almost exactly flat—leaving us with little clear trading bias in the days ahead.

See next currency section: XAUUSD - Gold Prices May have Turned versus the US Dollar

--- 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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