NZD/USD consolidating after Friday's sharp slide

The NZD/USD pair traded with mild bearish bias for the second straight session and extended its slide farther below 0.7000 psychological mark. 

Currently trading around mid-0.6900s, the pair remained under some selling pressure as the US Dollar was seen building on Friday's NFP-led strong gains. Moreover, the latest reading on the US labor market pointed to improving conditions in the US labor market and hinted to strong inflationary pressure. The closely watched non-farm payrolls data supported the case for steeper Fed rate-hike path in 2017 and is eventually weighing on higher-yielding currencies - like the Kiwi. 

In absence of any major economic releases, Fed rate-hike expectations would continue to drive the major on Monday and hence, focus would be on speeches from Boston Fed President Rosengren and Atlanta Fed President Lockhart, due later during NY trading session. 

Technical levels to watch

On a sustained weakness below 0.6950 level, the pair is likely to head towards 0.6915 horizontal support before eventually breaking below 0.6900 handle and aim back towards multi-month lows support near 0.6870-60 region.

On the upside, momentum above session peak level near 0.6975 region might now confront resistance near 0.70 psychological mark, which if cleared has the potential to lift the pair back towards three week highs resistance near 0.7035-40 region touched on Friday.