NZD/USD has started to build a case for the downside again having lost the 0.71 handle on making highs of a touch off 0.7150 last week, opening this week on the 100 sma at 0.7036."The currency still looks lofty and the speed of advance suggests a pullback is required. The only issue is identifying a catalyst," explained analysts at ANZ. "The NZD's muted move to risk off on Friday night suggests something major is required and the NZD is going to be tough to knock off its perch."This week could well offer a catalyst with the amount of risk events scheduled. These include the Fed, a number of keep U.S. data points, GDT price index and NZ business PMI.NZD/USD levelsNZD/USD has been supported ahead of the 1hr 100 sma and has pared back the gains made on the bullish gap of last week's business through 0.7060/80. Next downside target is a break of 0.7000 ahead of 0.6960 and 3rd June highs before 0.6820 and 0.6780. A resumption of the uptrend, the 100 week sma at 0.7173 and 0.7322 (2nd May high).