New Zealand Dollar Trend Turns Lower
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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 sentiment would typically leave us in favor of gains. Yet a recent shift towards buying warns that the NZD trend likely turned, and indeed we favor further downside.
See next currency section: XAUUSD - Price of Gold May have Set Important Low
--- 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.