NZD/USd holds in key support territory, 0.72 to give out?

• NZD/USD bears looking to clean out stops at 0.7200?
• NZD/USD awaiting key data and trade war noise as a risk.

NZD/USD is currently trading at 0.7239, down from a high of .0725 and a having made a low of 0.7229.

The bird was unable to get over the line on Friday despite a weaker greenback while, instead, the market was still trying to grasp the currency implications of this latest global trade spat, as according to analysts at ANZ.

Trade wars? - ANZ

Where next?

"The USD is going to remain in the box seat in terms of drivers, but it is hard to think an escalation of trade disputes is going to be positive for a trade-dependent economy like NZ in the long run," the analysts argued. Meanwhile, there are very light domestic data risks this week ahead of the nonfarm payrolls that could spark some life back into the greenback on a positive outcome for those betting on a faster pace of rate hikes to come from the Fed this year. 

NZD/USD levels

Technically, the chart is leaning bearish with the RSI biased down and pair back below the 55-Day SMA. However, the consolidation has taken the trend line resistance to the downside out and unless the bears can break 0.7200, the bird could be sideways from here with 0.7180 being a key support to the downside.