New Zealand Dollar Forecast to Decline Further

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New Zealand Dollar Forecast to Decline Further

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NZDUSD – Our retail forex data shows that the majority of traders remain long the New Zealand Dollar versus its US namesake, and a contrarian view of crowd sentiment leaves us firmly in favor of selling into NZD/USD declines.

It is perhaps worth noting that positioning has moderated since last week; total open short positions have risen 24 percent in the past seven days. Yet we would have to see a much more meaningful shift and a flip to net-short to call for a worthwhile NZD reversal.

See next currency section: XAUUSD - Gold Prices Likely to Fall Further

--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com

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