NZD/USD: Retail trader data shows 49.59% of traders are net-long with the ratio of traders short to long at 1.02 to 1. In fact, traders have remained net-short since Mar 24 when NZD/USD traded near 0.70, price has moved 0.04% lower since then. The number of traders net-long is 15.83% lower than yesterday and 2.91% lower from last week, while the number of traders net-short is 3.04% higher than yesterday and 5.07% higher from last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests NZD/USD prices may continue to rise.
Our data shows traders are now net-short NZD/USD for the first time since Mar 24, 2021 15:00 GMT when NZD/USD traded near 0.70. Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger NZD/USD-bullish contrarian trading bias.
