NZD/USD better bid in early Asia, targets 0.7280 resistance

NZD/USD is currently bid towards 0.7280 resistance, albeit in a consolidation phase of the demand overnight. 

The U.S. week ahead is a busy one - Nomura

Data wise, we are awaiting for the week to get going in the U.S., but we did have the US new home sales that declined 7.6% in August from the prior month to a seasonally adjusted annual rate of 609,000, the Commerce Department said Monday.

US: New home sales fall 7.6% in August

This left a soft undertone in the greenback overnight. We had New Zealand's trade deficit yesterday that widened to the biggest monthly gap since September 2014 as dairy and meat exports slumped in August. Exports dropped 8.7% to $3.39b from August 2015, outpacing a 3.1% fall in imports to $4.65b. We now await the building permits data for August and ANZ business confidence for September that will be released on Friday. In respect of the RBNZ pricing, markets have increased their odds for a rate hike to a 70% chance for November on the RBNZ’s freshened easing bias.

NZD/USD levels

With spot trading at 0.7278, we can see next resistance ahead at 0.7280 (Weekly Classic PP), 0.7282 (Daily High), 0.7289 (Yesterday's High), 0.7294 (Hourly 100 SMA) and 0.7296 (Hourly 200 SMA). Support below can be found at 0.7274 (Daily Open), 0.7268 (Daily Low), 0.7264 (Hourly 20 EMA), 0.7262 (Daily Classic PP) and 0.7244 (Weekly Low).