According to analysts at ANZ, it has been all-go for the NZD/USD lately; with it touching a 2-year low below 67 cents despite CFTC data showing market positioning remaining at extreme short levels.
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“We certainly find it hard to get upbeat here especially with one of the last legs of support – export commodity prices – now looking shaky too, but some technical indicators are suggesting NZD/USD is oversold and we do wonder when heading into US holidays and the Northern Hemisphere summer whether positions will be lightened.”
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