NZD/USD traders continue to hesitate

The NZD/USD bearish traders dominated the market on Friday and received back their losses. Today the pair swang between the November 2011 low at 0.733 and the monthly PP at 0.745. The cross trades within the normal RSI area. The weekly R1 level at 0.743 was tested four times this week. If a move below the November 2011 at 0.733 follows, an immediate resistance would be found at weekly PP at 0.732.

The market has not changed much from yesterday since 36% of traders hold long positions. 33% of all expect the pair to appreciate once it moves 50– pips and the 100– pip ones will be bought by 32% of traders.