Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.
NZDUSD – Heavily one-sided forex crowd positioning warns that the New Zealand Dollar could continue to trade lower versus the US Dollar.
Trade Implications – NZDUSD: Retail traders are near their most long the NZDUSD on record, and until that changes we’ll continue to call for further declines. The recent Kiwi bounce suggests that momentum is slowing. Yet our Senior Technical Strategist highlights that it will need to rally above $0.8534 to have confidence in a minor turn higher.
See next currency section:EURUSD - Euro Resilience Gives us Pause, but Not out of Woods Yet
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
Automate our SSI-based trading strategies via Mirror Trader free of charge
To receive the Speculative Sentiment Index and other reports from this author via e-mail, sign up for his distribution list via this link.
Contact David via
Twitter at http://www.twitter.com/DRodriguezFX
Facebook at http://www.Facebook.com/DRodriguezFX
original source