Preheat oven to 350 degrees F (175 degrees C). Grease a large bundt pan.
Combine the cake mix, pudding mix, water, oil, and eggs together. Mix with an electric mixer on medium speed for 2 minutes. Pour batter into bundt pan.
Bake for 30 minutes, or until knife inserted in cake comes out clean.
Combine the butter or margarine, sugar, and orange juice in a saucepan. Boil this mixture for about 2 minutes. While still warm, poke holes in the top of the cake with a fork. Pour orange juice mixture over cake. When the cake is saturated place it on a plate, and dust top with confectioners' sugar.