NZD/USD once again fails near 0.7300 handle

The NZD/USD pair finally broke down of its Asian session consolidation phase and has now dropped to fresh session low near 0.7265-60 region, reversing majority of Friday's up-move.

Reemergence of the US Dollar buying interest, backed by a fresh wave of sharp up-move in the US Treasury bond yields has been one of the key factors weighing on higher-yielding currencies - like the Kiwi. 

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Adding to this, possibilities of some long-unwinding, following the pair's yet another failed attempt to move back above the 0.7300 handle, might have also collaborated to the pair's retracement at the start of a new trading week.

With today's downfall, the pair now seems to have confirmed a strong supply zone near the mentioned resistance and hence, a follow through retracement below Friday's low would suggest that the pair might have topped out in the near-term.

Today's US economic docket features the release of durable goods orders and would be looked upon for some impetus ahead of this week's important events/data - the Fed Chair Janet Yellen's scheduled speech (Tuesday) and the final US GDP print (Thursday).

Technical levels to watch

A follow through weakness below mid-0.7200s would turn the pair vulnerable to extend its corrective slide back towards 0.7230-25 intermediate support en-route 0.7200 handle and 0.7185 support levels. 

On the upside, momentum back above 0.7280 level might continue to face some fresh supply near the 0.7300 handle, above which the pair is likely to surpass multi-month highs resistance near 0.7320 level and aim towards testing its next major hurdle near 0.7345-50 region.