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New Zealand Dollar Outlook Turns Positive

New Zealand Dollar Outlook Turns Positive

David Rodriguez, Head of Product

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

NZDUSD – Retail FX traders have recently sold into New Zealand Dollar gains versus the US Dollar, and a contrarian view of crowd sentiment warns that the NZD/USD may continue higher. Current positioning shows that approximately 55 percent of all trades are short the NZD versus its US namesake; total open short positions are up 27 percent since last week while long positions have fallen 18 percent.

The notable shift acts as contrarian signal in favor of a continued NZD/USD rally.

See next currency section: XAUUSD - Gold Price Forecast to Hit Further Lows

--- 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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