NZD/USD stapled to 0.72 as Monday brings hesitation

The NZD is struggling to develop momentum for the Monday session after a sturdy thumping last week.
The Kiwi's calendar is nearly deserted this week, which means plenty of room for sentiment to take over.

Joshua Gibson FXStreet

The Kiwi tried to kick off the week with a bullish push but is sitting on the floor near 0.7200 ahead of the European markets.

NZD/USD: Buy the dips circa 0.7112? – Goldman Sachs

The NZD/USD briefly pushed past last week's boundary to make a new low, but the pair has returned to the 0.7200 major handle, with the action somewhat supported by New Zealand Credit Spending figures, which showed a slight uptick to 7.2 percent from the previous 7.0 percent.

Visitor Arrivals will be on the docket for the Kiwi at 22:45 GMT late Monday, and the rest of the early week will be data-free for the NZD with New Zealand off for Wednesday to observe the ANZAC Remembrance Day holiday.

NZD/USD Levels to watch

The Kiwi's technical outlook remains little changed from earlier, and as FXStreet's Ross Burland pointed out, "the technical outlook is bearish with falling RSIs and a long upper wick on the monthly candle while the price trades below the 100-D SMA. Support is at 0.7210 while resistance is 0.7280."

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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