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NZDUSD - Retail traders have sold into the New Zealand Dollar's surge versus the US Dollar, and a contrarian view of crowd sentiment points to further NZD/USD gains.
It is likewise encouraging to note the NZD showed a daily close above key resistance at $0.6900, and the next major price level to watch is now the $0.7200. It would take a substantive shift in retail trader sentiment to change our bullish trading bias.
See next currency section : XAUUSD - Gold Prices Likely to Remain Range-bound
Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
