Dukascopy - Analytics

    Dukascopy

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    NZD/USD meets the November 2011 low

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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 moved higher after the Fridays' uncertain move of the pair. While the bullish momentum was not sufficient enough to break to weekly PP at 0.732, the Alligator indicator links on a further appreciation, based on an hourly– chart. So far, the 55– 100– and 200– SMA's are pointing to the south. Moreover, some of the most accurate indicators are saying to be long on the cross.


    Traders' Sentiment
    The market lost some of the bullish participants as only 39% of them are holding the long positions. The 50– pip pending orders are mostly bearish too, with 63% of all selling the pair. Meanwhile, the 100– pip orders are little bought, 29% of traders are looking towards the pair appreciation.
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