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NZDUSD – Forex 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