NZD/USD stapled to 0.72 as Monday brings hesitation

• The NZD is struggling to develop momentum for the Monday session after a sturdy thumping last week.
• The Kiwi's calendar is nearly deserted this week, which means plenty of room for sentiment to take over.

The Kiwi tried to kick off the week with a bullish push but is sitting on the floor near 0.7200 ahead of the European markets.

NZD/USD: Buy the dips circa 0.7112? – Goldman Sachs

The NZD/USD briefly pushed past last week's boundary to make a new low, but the pair has returned to the 0.7200 major handle, with the action somewhat supported by New Zealand Credit Spending figures, which showed a slight uptick to 7.2 percent from the previous 7.0 percent.

Visitor Arrivals will be on the docket for the Kiwi at 22:45 GMT late Monday, and the rest of the early week will be data-free for the NZD with New Zealand off for Wednesday to observe the ANZAC Remembrance Day holiday.

NZD/USD Levels to watch

The Kiwi's technical outlook remains little changed from earlier, and as FXStreet's Ross Burland pointed out, "the technical outlook is bearish with falling RSIs and a long upper wick on the monthly candle while the price trades below the 100-D SMA. Support is at 0.7210 while resistance is 0.7280."