New Zealand Dollar Targets Fresh Lows

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New Zealand Dollar Targets Fresh Lows

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NZDUSD – Steadily one-sided FX trader sentiment warns that the New Zealand Dollar will likely continue lower versus the US Dollar.

Trade Implications NZDUSD – Our retail sample shows that the majority of traders have remained long the NZDUSD since it traded below $0.8600 through July—providing consistent contrarian signal to sell into weakness. And indeed traders have grown further long since last week as the pair reversed sharply off of key resistance at $0.8000.

A retest of multi-year lows near $0.7700 seems likely, and a further breakdown targets the 2012 bottom of $0.7460.

See next currency section: GBPJPY - British Pound Could Trade Higher versus Japanese Yen

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

New Zealand Dollar Targets Fresh Lows

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