Dukascopy - Analytics

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NZD/USD dives to new lows

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‘'A recent pickup in interest for U.S. storage capacity and the chartering of tankers for floating storage plays illustrates the market reaction to the widening crude curve contango.''
 - Timera Energy (based on Bloomberg)


Pair's Outlook
The NZD/USD surprised the market today by diving to the new low in four years. Later the same day the bullish market participants succeeded with supporting the pair as it found a resilient level at the April 2010 high, 0.718. Meanwhile, the Alligator indicator and the daily SMA's are highly bearish with an oversold RSI.


Traders' Sentiment
The market stayed generally unchanged. About 35% of traders are holding long positions, while 36% of them placed the long 50– pip pending orders. The 100– pip ones changed only 1%, up from 29% previously. Meanwhile, some of the most accurate indicators are linking to sell the pair.
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