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New Zealand Dollar in Position to Strengthen

New Zealand Dollar in Position to Strengthen

2015-12-03 15:30:00
David Rodriguez, Head of Product
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New Zealand Dollar in Position to Strengthen

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

NZDUSD – The majority of retail FX traders in our sample remain short the New Zealand Dollar versus the US Dollar, and a contrarian view of crowd sentiment leaves us in favor of buying into NZD/USD gains. The ratio of open short positions to those long is a notable 1.5 to 1—near the most extreme since July, 2014.

Until we see a marked shift in crowd positions we see little reason to abandon our NZD-bullish trading bias.

See next currency section: XAUUSD - Gold Prices Likely to Fall Further

--- 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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