New Zealand Dollar Outlook Remains Positive
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NZDUSD – Retail FX traders remain marginally net-short the New Zealand Dollar versus the US Dollar, and a contrarian view of crowd sentiment leaves us watching for further NZD/USD gains. It was last week that we noted a marked shift towards selling warned of a near-term turn higher in the NZD. And until we see the opposite—crowds buying—we see little reason to alter our near-term forecast.
See next currency section: XAUUSD - Gold Price Forecast to Fall Further versus 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.