New Zealand Outlook Depends on this Shift
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NZDUSD – Indecisive moves in the New Zealand Dollar make it difficult to establish a strong trading bias, and indeed our retail FX trader sentiment data gives few clues on what we may expect next in the NZD/USD. Approximately 58 percent of open NZD positions in our sample are currently long, and a contrarian view of crowd sentiment leaves us marginally bearish. Yet we would ideally see more one-sided extremes before calling for continued New Zealand Dollar weakness.
See next currency section: XAUUSD - Gold Prices Forecast to Hit Further Highs
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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