Dukascopy - Analytics

Dukascopy

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NZD/USD market participants are hesitating

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‘The report [on US oil] is squarely bearish with the builds in the three major categories .''
 - John Kilduff at Again Capital LLC (based on Reuters)


Pair's Outlook
The NZD/USD formed nothing but the doji candle pattern today, which means that the market is generally undefined with where to direct the pair. The daily candle's high is situated at 0.744 level, the monthly PP, whereas the daily low is currently at 0.729. February trades are fluctuating within the May 2012 low at 0.745 and the April 2010 high at 0.71 currently.


Traders' Sentiment
The market continues to be oversold with 67% of traders holding their short positions. Meanwhile, the 50– pip pending orders are sold too by 78% of traders and the 100– pip ones are sold by 64%.
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