New Zealand Currency at Continued Risk of Weakness

New Zealand Currency at Continued Risk of Weakness

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NZDUSDForex trading crowds remain near their most long the New Zealand Dollar on record, and heavily one-sided sentiment keeps us focused on further NZDUSD weakness.

Trade Implications – NZDUSD: Until we see a NZDUSD rally above $0.8514, our bias will remain towards Kiwi dollar weakness. And indeed such heavily one-sided sentiment keeps our focus to the downside. The recent spike-low at $0.8350 acts as short-term support.

See next currency section:EURUSD – Euro Likely to Hit Fresh Lows versus Resurgent Dollar

Written by David Rodriguez, Quantitative Strategist for DailyFX.com

New Zealand Currency at Continued Risk of Weakness

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