• NZD/USD strengthened on Monday as a softer greenback combined with higher commodities prices boosted kiwi dollar.
• On the data front, business confidence in New Zealand rose once more, According to the ANZ survey, a net 60.9% of respondents expect economic progress in the coming year, up from 50.6% in August.
• The kiwi dollar was up 0.33% at $0.6362 after hitting its highest since December on Friday.
• The technical outlook remains bullish and points to eventual bigger gains, Fourteen-day momentum is positive, reinforcing the scope for a bigger gains .
• Immediate resistance is located at 0.6375(23.6%fib), any close above will push the pair towards 0.6403(Higher BB).
• Support is seen at 0.6334 (Daily low) and break below could take the pair towards 0.6281(38.2%fib).
Recommendation: Good to buy around 0.6350 with stop loss of 0.6260 and target price of 0.6430
