NZD/USD sticks to small gains, remains below 0.72

• DXY recovers above 92 on Monday.
• NZD/USD fluctuates in a 30-pip range.

The NZD/USD pair was able to close the fourth straight week higher last week as the strong performance of commodities continued at the start of 2018. After starting the day in a calm manner, the NZD/USD pair struggled to find direction on Monday and was last seen trading at 0.7180, up 0.12% on the day.

Meanwhile, the greenback is correcting last week's losses against its rivals with the US Dollar Index rising above the 92 mark for the first time in 2018. However, with no fundamental catalysts fueling the DXY's rise, today's recovery might struggle to gain momentum. Philadelphia Federal Reserve Bank President Patrick Harker

Although there are no macroeconomic data releases from the United States, investors will be closely following the comments from the FOMC members Bostic and Williams later in the session. Last Friday, Philadelphia Federal Reserve Bank President Patrick Harker argued that two more rate hikes wouıld be appropriate this year. If today's Fed speakers adopt a similarly cautious tone, we could see the greenback have a difficult time gather further strength against its peers.

Technical outlook

With a daily close above 0.7200 (psychological level/Oct. 16 high), the pair could aim for 0.7240 (Sep. 29 high) and 0.7340 (Sep. 22 high). On the downside, supports could be seen at 0.7140 (200-DMA), 0.7100 (psychological level) and 0.7025 (100-DMA).