FXstreet.com (London) - NZD/USD is making some ground back since last weeks tumble of 200 pips.

NZD/USD is trading in the European session away from Fridays NFP’s lows, walking up through 0.7700 handle to reach a high of 0.7748. We have seen REINZ house prices that were flat in June but up 8.4% year on year, easing slightly from 8.7% in May and 9.8% in April. However, house prices in Auckland were up 19.8% year on year. US data will pick up later on on the week, starting out with Fed minutes on Wednesday.

NZD/USD broadly offered

NZD/USD remains within an overall descending channel and trading below 0.7925 can be considered negative. The pair is consolidating above 0.7700 support, while MA’s are offering a strong negative bias, hourly and longer term while targeting yearly lows at 0.7460 with 0.7600 to act as key support.