Wellington traders returned from the...........>

KIWI: Wellington traders returned from the elongated holiday weekend with the

NZD/USD cross sitting a little higher than where they left it, although the rate

has edged lower in early Asia-Pacific trade, alongside AUD/USD, shrugging off a

stronger than expected round of NZ terms of trade data.

- NZD/USD last trades 15 or so pips lower at $0.6584, testing old resistance

after the pair managed to close above the May 16 high & 23.6% fibo of the

Mar-May fall at $0.6583/90 on Monday. Bulls really need a clean break above

$0.6600 to strengthen their hand. Above here they would look for a break above

the May 10 high at $0.6614. Meanwhile, bears look for a move back below the

21-DMA at $0.6551 to open a challenge of $0.6500, and will be encouraged by the

recent formation of a "death cross."