NZD/USD close to rising fifth day in a row

The Kiwi disregarded the ‘sell' signals sent by the technical indicators and refused to go lower. Right now NZD/USD is attacking the monthly PP and weekly R1. In case the resistance is breached the price will be in a good position to keep recovering up until 0.65, where the weekly R2 coincides with the 55-day SMA. The next stop will be considerably higher, at 0.67, where we see the 100-day SMA and monthly R1 joining the August high.

Neither bulls nor bears have an upper hand—their shares are not significantly different from 50%. In turn, allocation between the buy and sell orders is far from balance—the latter take up 93% of the market.