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NZDUSD – A significant move in New Zealand Dollar positioning warns that the NZD may trade to further lows versus the US Dollar.
Trade Implications – NZDUSD: Retail traders are now their most net-long the Kiwi currency since it traded near $0.7500 in 2012, and extremely one-sided sentiment warns of continued declines. A test of multi-month lows of $0.8400 seems likely, and a break lower makes a move towards year-to-date lows of $0.8100 plausible.
See next currency section:EURUSD – Euro Positions at Record, Further Losses Seem Likely
— Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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New Zealand Dollar at Clear Risk of Further Losses
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