NZD/USD: downside traders get a helping hand in early Asia data

Currently, NZD/USD is trading at 0.7260, down -0.20% on the day, having posted a daily high at 0.7281 and low at 0.7259.

Forex today: tight ranges and summer drifts ahead of Yellen this week

NZD/USD has taken a knock on the back of the retail card sales data, below expectations but beating previous.  New Zealand Retail Card Spending for June arrived at 0% m/m vs. expected +0.8%. NZD/USD has been in a chop of a bearish drift from the 0.7345/50 triple-top area with bulls tiring in the 0.6820 rally from back in the start of May. 

Meanwhile, we are looking to the dollar this week and action that may come from Yellen's testimony. Traders will firstly parse the text of Yellen’s prepared remarks for clues on any shift in Fed policy and such text will be released at 8:30 a.m. ET on Wednesday ahead of Yellen’s appearance before a House panel at 10 a.m. 

NZD/USD levels

Resistance: 0.7299 July 4 high; 0.7345 July 3 high; 0.7376 Feb. 7 high; 0.7393 Nov. 9 high. Support: 0.7250 June 23 low; 0.7205/06 June 22/21 lows; 0.7186 June 15 low; 0.7150 June 5 high; 0.7127 June 6 low. On the wide, on a break below 0.7080/00 opens 0.6970.