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New Zealand Dollar Forecast to Continue Higher

New Zealand Dollar Forecast to Continue Higher

David Rodriguez, Head of Product
New Zealand Dollar Forecast to Continue Higher

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 1.8 to 1—matching the largest extreme we’ve seen since the NZD traded near $0.85 in July, 2014.

It’s possible such one-sided sentiment warns of a potential sentiment and price extreme, but we will maintain our contrarian forecast for further NZD gains until we see a marked shift towards buying.

See next currency section: XAUUSD - Gold Prices in Position for Continued Weakness

--- 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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