AUD/NZD struggling to get the bullish trend moving again

• Aussie, Kiwi open the week with low-tier data.
• RBA talking points this week are going to be relegated to weaker growth projections, opening up bearish potential.

The AUD/NZD closed a bearish gap to kick off the new week and is now trading just beneath the 1.0700 handle heading into a quiet Asia session.

The pair lifted early last week as the Aussie found a foothold against the Kiwi, but consolidation quickly took over and the AUD/NZD is struggling to muscle over the 1.0700 level.

Monday brings low-impact data figures for both currencies, with ANZ's Activity Outlook (prev. 21.8%) and Business Confidence (prev. -20) hitting at 01:00 GMT, and Australia sees Securities Inflation (prev. 0.1%) and Private Sector Credit figures (prev. 0.4%) at 01:00 GMT and 01:30 respectively, while the Reserve Bank of Australia's (RBA) Governor Lowe will be giving a speech during the Reserve Bank's Board Dinner due later.

AUD/NZD Levels to watch

While the pair's recovery from April's bottom at 1.0490 has been steady, the last week's sputter with highs of 1.0730 could price in a lower leg down, and bulls will have to push the pair into March's high at 1.0800 to keep the trend alive on the technicals, while bears will be looking to take out the 50.0 Fibo retracement level near 1.0600 in order to break the bullish correction.