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New Zealand Dollar Reversal is Short-Lived
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NZDUSD – The New Zealand Dollar showed early signs of setting a lasting low versus the US Dollar, but a recent shift in sentiment keeps our bias towards selling NZD gains until further notice.
Trade Implications NZDUSD – Last week we noted an important build in retail FX selling as a key reason that the Kiwi Dollar may see an important turn higher. Yet that was relatively short-lived as traders have once again bought into weakness. Indeed, total positions have remained net-long since the pair traded below $0.87 in July. Until this changes we see little choice but to favor selling NZD strength.
See next currency section: GBPJPY - Sterling May Rally further versus Japanese Yen
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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