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New Zealand Dollar Trend Turns Lower

New Zealand Dollar Trend Turns Lower

2016-01-08 16:20:00
David Rodriguez, Head of Product
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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.

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