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NZDUSD – A substantial shift in retail forex trader sentiment warns that the New Zealand Dollar may continue higher versus the US Dollar. Our data shows there are currently 1.5 open positions short in the NZD/USD for every 1 that is long, and a contrarian view of crowd positioning points to further NZD/USD gains. Indeed, total short interest surged by nearly 60 percent since last week, while long interest has fallen 8 percent.
The remarkable shift in sentiment along with the sharp break in price points to further New Zealand Dollar strength.
See next currency section: XAUUSD - Indicator Accurately Called Gold Rally, Now What?
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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