NZD/USD jumps to session high at 0.7330

The NZD/USD pair continued with its range-bound price action and is now hovering around the upper bound of the 5-day old trading range. 

Currently trading near 0.7325-30 band, the pair is benefitting from weaker sentiment surrounding the greenback on diminishing hopes of an eventual Fed rate-hike action on Wednesday, which remains a key determinant for the pair's near-term trajectory. RBNZ is also scheduled to announce its monetary policy decision during early Asian session on Thursday and is expected to leave its monetary policy unchanged but is expected to signal further easing. 

In the meantime, traders on Tuesday will focus on the fortnightly release of GDT price index that would drive demand for the commodity-linked currency, Kiwi. From the US, the release of housing starts and building permits might provide some impetus for short-term traders.

Technical levels to watch

On a sustained move above 0.7330 immediate resistance, the pair is likely to immediately aim towards 0.7364 (Sept. 13 high) before extending its upward trajectory towards reclaiming 0.7400 round figure mark. On the flip side, weakness back below 0.7300-0.7290 immediate support would reaffirm the near-term trading range and could drag the pair back towards 0.7250 support area.