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NZDUSD – Retail FX traders remain steadily long the New Zealand Dollar versus the US Dollar, and a contrarian view of crowd sentiment points to further NZDUSD weakness.
Trade Implications NZDUSD – A sharp shift in retail sentiment through mid-December warned of a sustained NZ$ bounce, but that proved quite short-lived as the pair turned lower and crowds bought into weakness. Long positions now outnumber those short by nearly 1.7 to 1, and such heavily one-sided sentiment leaves us little reason to expect anything but further NZD weakness.
See next currency section: GBPJPY – British Pound Remains Attractive versus Yen
— Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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New Zealand Dollar Targets Fresh Lows
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