NZD/USD bulls remain in the driving seat

By FXStreet FXStreet (Guatemala) – NZD/USD is currently trading at 0.6719 with a high of 0.6740 and a low of 0.6672.

NZD/USD has risen for seven straight consecutive days since the start of the month, from 0.6383 to recently printing a new high of 0.6740. The bird had been lifted on a recovery in commodities, but appears to now be making headway on its own, despite the fall out in oil today.

There is a lack of drivers for the bird until towards the end of the week, although we do get the REINZ house price index today as second tier data. CPI’s will be closely monitored on Friday while US data will likely steal the show with their own CPI’s, retail sales, industrial production and beige book.

NZD/USD: still some to go

Technically, analysts at UOB Group noted the bullish but also explained, “Short-term momentum is slowing down and this suggests that a corrective pull-back is imminent. However, only a move back below the stop-loss at 0.6620 would indicate that a short-term top is in place.”
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Source:: FX Street