Dukascopy - Analytics

Dukascopy

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NZD/USD traders continue to hesitate

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‘The entire notion right now is for the U.S. to continue improving at least from the labour front.'' 
- OCBC Bank (based on Reuters)


Pair's Outlook
The NZD/USD formed another doji candle pattern today, linking to the uncertainty among the market participants. The previous day candle, however, eventually appeared to be bullish. The trades are currently happening within the neutral RSI. The pair is still fluctuating well below the 55– 100 and 200– day SMA's. The further move should be most likely oriented to the downside if the cross manages to dive below the weekly PP at 0.732.


Traders' Sentiment
The market continues to be oversold with 38% of traders holding their short positions. Meanwhile, the 50– pip pending orders are sold too by 80% of traders and the 100– pip ones are sold by 76%.
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