New Zealand Dollar Outlook Turns Positive
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
To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.
Contact David via
Twitter at http://www.twitter.com/DRodriguezFX
Facebook at http://www.Facebook.com/DRodriguezFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.