New Zealand Outlook Remains in favor of Depreciation
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NZDUSD – Retail FX traders are once again net-long the New Zealand Dollar versus the US Dollar, and a contrarian view of crowd sentiment keeps us watching for further NZD/USD declines. A technical failure at a key trendline likewise portends poorly for the NZD, and it would take a material shift in sentiment to call for a meaningful reversal higher.
See next currency section: XAUUSD - Gold Prices at Potentially Significant Turning Point
--- 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.