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New Zealand Dollar Could Rally Further as Sentiment Turns More Bearish

New Zealand Dollar Could Rally Further as Sentiment Turns More Bearish

David Rodriguez, Head of Product
New Zealand Dollar Could Rally Further as Sentiment Turns More Bearish

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

NZDUSD - The ratio of long to short positions in the NZDUSD stands at -1.73 as 37% of traders are long. Yesterday the ratio was -1.82; 35% of open positions were long. Long positions are 0.9% higher than yesterday and 9.6% below levels seen last week. Short positions are 4.1% lower than yesterday and 0.1% below levels seen last week. Open interest is 2.3% lower than yesterday and 6.9% below its monthly average. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are short gives signal that the NZDUSD may continue higher. The trading crowd has grown less net-short from yesterday but further short since last week. The combination of current sentiment and recent changes gives a further mixed trading bias.

See next currency section: XAUUSD – Gold’s Lackluster Performance Sees Shorts Wind down Positions for 2015

--- Written by Christopher Vecchio, Currency Strategist

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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