NZD/USD trades comatose around 0.70

The NZD/USD is spending the first trading day of the week in a tight 30 pip range, unable to make a decisive move in either direction. As of writing, the pair is down 0.24% at 0.6995.

Despite the fact that the major US equity indices stay under pressure during the first half of the NA session and the US Dollar Index is holding on to gains around the daily highs at 100.50, the NZD is showing resilience against the greenback.However, there are no fundamental catalysts to be seen behind this resistance. 

Although today's macro data from the United States came in mixed, the overall economic health seems to be in good condition amid a continuous growth in the manufacturing sector. 

• US: PMI shows growth in manufacturing for the seventh consecutive month - ISM

Later during the NA session, statements from Philadelphia Fed President Patrick Harker and Richmond Fed President Jeffrey Lacker will be looked upon for fresh trading impetus.

Technical outlook

In case the pair is able to close the day above 0.70 (psychological level), the first target could be 0.7085 (50-DMA) followed by 0.7150 (200-DMA). On the downside, below 0.6975 (Mar. 31 low), the pair could extend the slide towards 0.6925 (Mar. 15 low) and 0.6890 (Mar. 10 low).