NZD/USD rebounds, looking to retake 0.73 after data disappoint

• The Kiwi slid on trade data miss, but finding a foothold ahead of European markets.
• Fed chair Powell to drive markets with testimony today.

The NZD/USD slipped in Asia markets, but has found its footing and is currently testing back above 0.7280.

The Kiwi lost the 0.7900 handle in Asia trading after disappointing trade data for New Zealand pushed the NZD further down the charts. The pair has since found a bounce off of 0.7275 and looks set to push higher coming into Tuesday's European market session.

With little data of importance for the NZD this week, the pair can expect to continue being driven by broader market sentiment as the Fed's new chairman, Jerome Powell, is slated to make his first major appearance since taking the reigns from Janet Yellen. Chairman Powell will be giving his congressional testimony before Congress at 15:00 GMT today, and the markets will be watching Powell's words closely for hints about the Fed's direction following the change of seats.

NZD/USD Technicals

The Kiwi has been shifting lower against the US Dollar recently, and the pair is currently testing into major support from the 34 EMA for the second time this month. H4 charts show the Kiwi still holding above the rising trendline, but could continue lower if the trendline fails to hold. Support is priced at 0.7240 and 0.7180, while resistance rests at 0.7345 and 0.7385.