The New Zealand dollar
date
|
Open Interest
|
Specs Long
|
Specs Short
|
Specs Net positions
|
change Open Interest
|
change Long
|
change Short
|
change Net Positions
|
Sentiment
|
Mar 01, 2022
|
50389
|
10485
|
24657
|
-14172
|
-6247
|
-6858
|
-4237
|
-2621
|
Bearish
|
Feb 22, 2022
|
56636
|
17343
|
28894
|
-11551
|
-7469
|
-7580
|
-5362
|
-2218
|
Bearish
|
Feb 15, 2022
|
64105
|
24923
|
34256
|
-9333
|
9228
|
7755
|
6722
|
1033
|
Weak bearish
|
Feb 08, 2022
|
54877
|
17168
|
27534
|
-10366
|
-3590
|
-2037
|
-3369
|
1332
|
Weak bearish
|
Feb 01, 2022
|
58467
|
19205
|
30903
|
-11698
|
5151
|
3257
|
4182
|
-925
|
Bearish
|
Jan 25, 2022
|
53316
|
15948
|
26721
|
-10773
|
8589
|
4336
|
6778
|
-2442
|
Bearish
|
|
|
|
|
Total change
|
5662
|
-1127
|
4714
|
-5841
|
|

Figure 4: The NZD and the position of large speculators on a weekly chart and the NZDUSD on D1
The total net positions of speculators last week reached a value of - 14,172 contracts, having fallen by 2,621 contracts compared to the previous week. This change is due to a decrease in long positions by 6,858 contracts and a decrease in short positions by 4,237 contracts. This data suggests that the bearish sentiment for the NZD continues.
Last week, open interest fell significantly by 6,247 contracts. Therefore, the upward movement in the NZDUSD that occurred last week is not supported by volume and therefore the price action was weak.
The strengthening of the NZDUSD that occurred last week is somewhat surprising given the geopolitical tensions in Ukraine and risk off sentiment. What helped the NZD rise are rising prices of commodities such as milk, which New Zealand produces.
Long-term resistance: 0.6850 – 0.6890
Long-term support: 0.6590-0.6600 and the next support is at 0.6500 – 0.6530.