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NZDUSD – A major reversal higher in the New Zealand Dollar has been met with aggressive retail forex trader selling; our contrarian view of crowd sentiment favors further highs.
Trade Implications – NZDUSD: We recently wrote in favor of a material Kiwi dollar reversal lower as both price and sentiment hit significant extremes. Yet the ‘Bird’ remains in flight and has clearly defied our expectations. The sharp build in crowd selling leaves our focus to the topside, and a break of the April peak at $0.8675 seems likely.
— Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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