New Zealand Outlook Unclear until this Shifts
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NZDUSD – Retail FX traders have recently turned net-short the New Zealand Dollar versus its US namesake, and a contrarian view of crowd sentiment would typically lead us to call for near-term strength. Yet it is important to note that sentiment in the NZD/USD has been very choppy as of late—much like price itself. We will wait to see a stronger shift in sentiment before calling for a meaningful NZD rally.
See next currency section: XAUUSD - Gold Prices at Key Juncture
--- 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.