SYDNEY: The Australian and New Zealand dollars were looking to extend a two-week rally on Monday as investors cut back on long positions in the US dollar ahead of a packed schedule of major local and offshore economic data. The Aussie added 0.3% to $0.7180, having finally cracked $0.7126 resistance last week with a 1.5% rally. The next major chart barrier is the 200-day moving average at $0.7260.

The kiwi dollar also firmed 0.3% to reach $0.6552, after clearing resistance around $0.6514 on Friday. The next hurdles are $0.6567 and $0.6645. The rally owes much to a pullback in the US dollar and speculation the Federal Reserve will go slower once it has hiked by 100 basis points over the next two months.