NZD May See $0.8050
Dailyfx | Aug 28, 2014 12:39PM ET
NZD/USD – The 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 NZD/USD weakness.
Trade Implications – NZD/USD: Last week we wrote that we favor short positions until we see the NZD/USD 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.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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