New Zealand Dollar May Trade to $0.8050

By DailyFx | Updated August 28, 2014 AAA

DailyFX.com - New Zealand Dollar May Trade to $0.8050

Receive the Weekly Speculative Sentiment Index report via PDF via David’s e-mail distribution list.

NZDUSDThe majority of FX traders remain long the New Zealand Dollar versus the US Dollar, and a contrarian view of sentiment leaves us in favor of continued NZDUSD weakness.

Trade Implications – NZDUSD: Last week we wrote that we favor short positions until we see the NZDUSD rally above $0.8514. And indeed, little has changed in sentiment or our near-term trading bias. A break below multi-month lows of $0.8310 opens up a move towards the year-to-date bottom of $0.8050.

See next currency section:EURUSD - Euro Remains a Sell Until this Changes

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    NZD/USD Technical Analysis: Three-Week Uptrend at Risk

  2. Forex News

    Scalp Webinar: USD Defends Support Slope- Bulls at Risk Ahead of NFP

  3. Forex News

    NZD/USD Technical Analysis: Aiming Below 0.75 Figure

  4. Forex News

    Currency Markets Focus on ECB, BOE, Fed Commentary Into Week-End

  5. Forex News

    US Dollar Looks like a Sell versus Euro and Japanese Yen

Trading Center