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New Zealand Outlook Remains Bearish

New Zealand Outlook Remains Bearish

David Rodriguez, Head of Product
New Zealand Outlook Remains Bearish

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

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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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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