New Zealand Dollar Forecast to Strengthen Further
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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. In fact, net positions are now at their most short since the pair traded above $0.8500 through July, 2014.
We would need to see a substantive shift towards crowd buying to call for a meaningful New Zealand Dollar reversal lower.
See next currency section: XAUUSD - Price of Gold Likely to Continue Lower
--- 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.