- OMF (based on The New Zealand Herald)
Surprisingly, but the New Zealand Dollar gained 12 pips against the Greenback on Monday, rather than suffering losses. As a result, the Kiwi crossed the 0.71 psychological level, while the daily high almost reached the weekly PP at 0.7162. Even though technical studies keep giving mixed signals, the NZD/USD pair is likely to inch higher again today. The weekly PP retains its role as the closest resistance, but the NZ Dollar will doubtfully get boosted enough to reach that high. Moreover, there is a risk of falling back under 0.71 if the US fundamentals surprise with outstanding data.
Bulls returned to its Friday's level of 43%. The number of buy orders lost 17 percentage points. They now take up 27% of the market.