NZD/USD clings to gains near 0.7300 mark

   •  USD continues to be weighed down by US-China trade tensions/softer NFP print.
   •  A goodish pickup in the US bond yields now seemed to cap additional gains.

The NZD/USD pair built on Friday's post-NFP rebound and is now looking to extend the momentum further beyond the 0.7300 handle.

A subdued US Dollar demand on the back of prevailing US-China trade tension and Friday's disappointing headline NFP print was seen as one of the key factors behind the pair's positive move at the start of a new week. 

This coupled with bullish commodity prices provided an additional boost to commodity-linked currencies and remained supportive of the pair's move back closer to recent daily closing highs.

It would now be interesting to see if bulls are able to maintain their dominant position or the up-move once again fizzles out near 0.7320-25 supply zone amid a goodish pickup in the US Treasury bond yields, which might now keep a lid on any further up-move for higher-yielding currencies - like the Kiwi.

In absence of any major market moving economic releases, the pair remains at the mercy of USD/US bond yield dynamics ahead of the release of NZIER Business Confidence during the early Asian session on Tuesday.

Technical levels to watch

The 0.7320-25 region is seen as an immediate resistance, above which the pair is likely to aim towards surpassing the 0.7355-60 supply zone before eventually darting towards the 0.7400 handle.

On the flip side, weakness back below the 0.7280-70 region (50-day SMA) might continue to find decent support near the 0.7240 level, which if broken could drag the pair back towards the 0.7200 handle.