Retail trader data shows 45.3% of traders are net-long with the ratio of traders short to long at 1.21 to 1. The number of traders net-long is 6.5% lower than yesterday and 12.6% lower from last week, while the number of traders net-short is 7.1% higher than yesterday and 27.7% higher from last week. We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests NZDUSD prices may continue to rise. Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger NZDUSD-bullish contrarian trading bias.