NZD/USD sits at 3-week tops ahead of GDT, RBNZ

The NZD/USD pair kicked-off the week on a firmer footing, extending gains into a second week this Monday, as the post-NZ Q4 GDP correction picks-up pace ahead of the NZ GDT price index data and RBNZ cash rate decision due later this week.

However, further upside appears to lack follow-through, as the greenback attempts minor-recovery against its major peers, while weaker oil prices also limits the gains in the Kiwi. Later today, the USD price-action will continue to drive markets amid a lack of fresh economic data lined up for release in the NA session.

NZD/USD rebound could easily extend to the 0.7150 area - Westpac

NZD/USD Levels to consider

To the upside, the next resistance is located at 0.7095/0.7100 (100-DMA/ zero figure), above which it could extend gains to 0.7151/56 (50 & 200-DMA) and from there to 0.7200 (zero figure). To the downside immediate support might be located at 0.7025/22 (20 & 5-DMA) and from there to 0.6973/63 (Jan 16 & 17 low), below 0.6859/ 50 (Dec 23 low/ psychological levels) would be tested.