NZD/USD trading sideways

During the last three trading weeks the pair has been trading sideways, in a range between 0.845 and 0.835. This period was rather volatile and choppy, suggesting that the price is in need of a catalyst, which could give it a clear directional impulse for the time being. Although technical indicators imply appreciation of the pair, it is important to note that more than 70% of traders are bearish, meaning that the start of the new trading week could add some momentum to the pair's movement.

Market participants are strongly convinced about depreciation of the kiwi further on, since the market sentiment is 74% bearish. It does not seem that things could change in the near future, as pending orders are almost equally divided between the bears and bulls.