NZD/USD: capped at 0.7127 on busy week for the pair

Currently, NZD/USD is trading at 0.7110, up 0.58% on the day, having posted a daily high at 0.7131 and low at 0.7066.

NZD/USD spiked through the 0.71 handle, despite the US GDP beating expectations and continues with its recovery from last week's low of 0.6970.

Data wise, we have a fairly busy week with reads on Business Confidence, the RBNZ's Semi Annual Financial Stability Review (both on Wed) and data on Construction that will feed into GDP. We will then turn to the US nonfarm payrolls event while a strong number could underpin the notion of a Fed hike in the middle of December.

NZD/USD levels

Current price is 0.7111, with resistance ahead at 0.7131 (Daily High), 0.7140 (Daily Classic R2), 0.7151 (Weekly Classic R2), 0.7176 (Daily Classic R3) and 0.7199 (Daily 100 SMA). Next support to the downside can be found at 0.7107 (Daily 20 SMA), 0.7105 (Daily Classic R1), 0.7104 (Yesterday's High), 0.7097 (Weekly Classic R1) and 0.7088 (Hourly 20 EMA).