Buyers keep up the good run since the morning
The move higher owes to reported export bids but it also comes as the dollar loses a bit of ground in the European morning, but the pair is now looking to challenge a move above the 100-hour MA (red line).
If buyers can hold a break above that, it would break the near-term bearish momentum in the pair over the past four trading days.
Further resistance will then be seen at the 38.2 retracement level @ 0.6377 before the 200-hour MA (blue line) @ 0.6389.
For the kiwi though, the big risk event of the week isn't over just yet. The RBNZ meets on Wednesday and is largely expected to cut rates by another 25 bps.
Currently, only ~60% of a 25 bps rate cut has been priced in so there could be room for the kiwi to fall - depending also on how dovish/hawkish the statement may be.
As such, the pair may be holding up well in trading to start the week but be wary of profit taking and sellers ahead of Wednesday - especially if price moves closer to the resistance levels pointed out above.
