New Zealand Outlook Remains Bearish
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NZDUSD – Our retail FX trader positioning data shows that the trading crowd has recently turned marginally net-long the New Zealand Dollar versus the US Dollar. And a contrarian view of herd sentiment leaves us with a bearish short-term trading bias.
A key caveat is that traders have shown relatively little willingness to buy recent NZD weakness; ideally we would see a more aggressive shift before calling for fresh short positions in the NZD/USD.
See next currency section: XAUUSD - Gold Prices Likely to Fall Further Until this Changes
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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