Our data shows traders are now net-long NZD/USD for the first time since Mar 16, 2022 when NZD/USD traded near 0.68.

Our data shows traders are now net-long NZD/USD for the first time since Mar 16, 2022 when NZD/USD traded near 0.68.

Number of traders net-short has decreased by 6.47% from last week.

SYMBOL

TRADING BIAS

NET-LONG%

NET-SHORT%

CHANGE IN LONGS

CHANGE IN SHORTS

CHANGE IN OI

NZD/USD

BEARISH

50.10%

49.90%

26.70%
Daily

1.56%
Weekly

-2.62%
Daily

-6.47%
Weekly

10.15%
Daily

-2.62%
Weekly

NZD/USD: Retail trader data shows 50.10% of traders are net-long with the ratio of traders long to short at 1.00 to 1. In fact, traders have remained net-long since Mar 16 when NZD/USD traded near 0.68, price has moved 1.73% higher since then. The number of traders net-long is 26.70% higher than yesterday and 1.56% higher from last week, while the number of traders net-short is 2.62% lower than yesterday and 6.47% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests NZD/USD prices may continue to fall.

Our data shows traders are now net-long NZD/USD for the first time since Mar 16, 2022 when NZD/USD traded near 0.68. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger NZD/USD-bearish contrarian trading bias.

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Originally Posted on: https://www.dailyfx.com/forex/technical/sentiment/2022/03/30/NZDUSD-IG-Client-Sentiment-0123.html
By: Research

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