NZD/USD consolidating below the 83 cent mark

Note: This section contains information in English only.
Source: Dukascopy Bank SA, Dukascopy Bank SA
© Dukascopy Bank SA
"People had been putting off buying US dollars while those minutes were coming for fear that the minutes would negate some of the positive impact from the ADP and now that the minutes are in line with expectations and people can assume that the Fed, provided the US data continues on trend, will continue to taper, then they are more comfortable acting on the stronger data that occurred earlier in the night." 
- ANZ New Zeland (based on The New Zealand herald)

Pair's Outlook

Pair continues to consolidate the gains after the rally in the past week. Technical indicators suggest that there are no strong drivers behind the pairs moves. As a consequence we expect it to hover below the 83 cent mark in the nearest future. 0.8333 and 0.8237 should remain the main targets. As could be seen from the past few days, the pair might have a slight bearish bias. As a consequence, there is a marginal probability of a dip till 0.8150.

Traders' Sentiment

Bears now dominate the market with the pending orders as well. 60%, 31% more than yesterday, are set to go long in 50 pips range and 49%, 9% more than yesterday, in 100 pip range. Also they account for 75%, 4% more than yesterday, of market participants.

© Dukascopy Bank SA

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