NZD/USD: heavy ahead of critical support on 0.7070/80

Currently, NZD/USD is trading at 0.7096, down -0.38% on the day, having posted a daily high at 0.7149 and low at 0.7076.

NZD/USD has been performing in tandem with the Aussie, consolidating with a bearish bias as the greenback catches a risk-off bid at the start of the week, albeit shedding some ground in the DXY as the sessions go by dropping back from overnight nights highs through 101.70 on the back of the weekend hard Brexit stories.

Brexit: what we do and what we don't know yet - Nomura

It is a quiet start to the week for the Kiwi given the lack of scheduled events before this week's dairy auction and Trump's inauguration on 20th. The price has dropped below the 0.71 handle and last Friday's lows of 0.7070 are at close quarters to current spot.

NZD/USD levels

Spot is presently trading at 0.7096, and next resistance can be seen at 0.7100 (Hourly 20 EMA), 0.7103 (Daily Open), 0.7112 (Daily Classic PP), 0.7123 (YTD High) and 0.7123 (Monthly High). Support below can be found at 0.7087 (Daily 200 SMA), 0.7082 (Daily Classic S1), 0.7076 (Daily Low), 0.7073 (Weekly Classic PP) and 0.7071 (Yesterday's Low).