NZD/USD operating at session highs at 0.7889/96

FXstreet.com (New York) - The NZD/USD foreign exchange rate surged ahead Monday, having notched fresh session highs during European trading on the cusp of the 0.7900 level.

While the data wires have been relatively stagnant Monday, tomorrows data will be key to the NZD, as the REINZ House Price Index (MoM) and Retail Sales data are slated for release Tuesday in New Zealand.

At the time of writing, the NZD/USD pair is operating at 0.7889/96, sailing higher at +0.77% during European trading. Technically speaking, the pair will encounter resistance at 0.8082, then 0.8149 (following an earlier break above 0.7974 resistance). Conversely, a movement higher will eventually test supports at 0.7799, followed by 0.7732, and 0.7624, notes the Mataf.net analyst team.

Trading below key 0.7925 level exacerbated negativity
According to the Technical Analyst Team at ICN.com, “The NZD/USD pair has broken and stabilized below 61.8% correction, consistent with Fibonacci retracements. It could be a reason for a downtrend all the way to 78.6% correction at around 0.7715, perhaps even farther to 0.7590 later on. Trading below 0.7925 fosters the negative outlook throughout the week.”