Short term Bullish Sentiment on the NZD
The NZD is bullish in the short term as the DXY weighs heavily on the US elections in November.
- The country's GDP contracted in Q2 by -12.2% as opposed to the consensus of -12.8%.
- After elections in New Zealand, leadership is said to be more inclusive and this might have a positive impact on the economy as it recovers.
- The CFTC COT Weekly Data shows that investors remain long on the NZD futures with 6k+ net positions after 4k long positions were opened.
- Technically, the NZDUSD is in a flag and I would expect the price to test the 2019 pivot highs after which I'll make an update
I'll keep an eye out for data and news from the US as stimulus deal talks resume and news of COVID19 treatment medicine and vaccine development continues to lift the US equity markets.
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