NZD/USD holding near 0.73 handle as bearish pressure mounts

• NZD/USD holding just beneath 0.7300 to start the week.
• Trade Balance data due Monday, 21:45 GMT.

NZD/USD heads into the new week trading on the low side near 0.7290.

The Kiwi declined steadily last week, trading lower for five of the last six trading days as renewed Dollar buying has sent the major pairs lower. Despite yields for US Treasuries backing off at the end of the week, USD confidence remained high and continued to send higher-yield currencies lower.

Monday will see Trade Balance figures at 21:45 GMT, but the rest of the week represents a quiet showing for the NZD, and overall market sentiment will continue to drive the pair to finish February.

With economic figures for New Zealand continuing to middle, and a new head of the Reserve Bank of New Zealand (RBNZ) taking over the helm in March, The RBNZ will be holding on rate increases well into the future as the Antipodean economies lag behind global growth trends.

NZD/USD Technicals

The pair is trading just beneath the 0.7300 handle to begin the new week, but the recent double-top from 0.7435 on Daily candles will continue to provide downward pressure, though the 34 EMA is providing support from 0.7275. Intraday support can be found at 0.7270 and 0.7238, with resistance priced in from swing lows at 0.7307 and 0.7326.