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New Zealand Dollar Outlook Less Clear

New Zealand Dollar Outlook Less Clear

Christopher Vecchio, CFA, Senior Strategist
New Zealand Dollar Outlook Less Clear

NZDUSD - The ratio of long to short positions in the NZDUSD stands at 1.50 as 60% of traders are long. Yesterday the ratio was 2.27; 69% of open positions were long. Long positions are 8.2% higher than yesterday and 32.7% above levels seen last week. Short positions are 63.9% higher than yesterday and 23.4% below levels seen last week. Open interest is 25.2% higher than yesterday and 6.2% above its monthly average. We use our SSI as a contrarian indicator to price action, and the fact that the majority of traders are long gives signal that the NZDUSD may continue lower. The trading crowd has grown less net-long from yesterday but unchanged since last week. The combination of current sentiment and recent changes gives a further mixed trading bias.

--- Written by Christopher Vecchio, Currency Strategist

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Contact Christopher via Twitter at http://www.twitter.com/CVecchioFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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