Iam waiting on breakout from the range and in the direction of the bearish trend.
Retail trader data shows 53.2% of traders are net-long with the ratio of traders long to short at 1.14 to 1. The number of traders net-long is 37.8% higher than yesterday and 2.5% higher from last week, while the number of traders net-short is 0.5% higher than yesterday and 0.5% lower from last week.
I typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests NZDUSD prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger NZDUSD-bearish contrarian trading bias.
Retail trader data shows 53.2% of traders are net-long with the ratio of traders long to short at 1.14 to 1. The number of traders net-long is 37.8% higher than yesterday and 2.5% higher from last week, while the number of traders net-short is 0.5% higher than yesterday and 0.5% lower from last week.
I typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests NZDUSD prices may continue to fall. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger NZDUSD-bearish contrarian trading bias.