The Australian and NZ dollars declined against their major counterparts in the Asian session on Monday, as China's crackdown on private tutoring companies and growing trade tensions between Washington and Beijing dampened risk sentiment.

Chinese authorities introduced a new set of sweeping regulations on private educators, which includes prohibiting tutoring for profit in core school subjects to reduce financial pressures on families.

The policy change also restricts foreign investment in the sector through mergers and acquisitions, franchises, or variable interest entity (VIEs) arrangements.

China's antitrust regulator ordered Tencent to end its exclusive music licensing rights, a step aimed at tackling the company's dominance of online music streaming in the country.

U.S.-China trade worries intensified after Chinese Vice Foreign Minister Xie Feng said that the relationship between the world's two largest economies "is now in a stalemate and faces serious difficulties."

Data from Statistics New Zealand showed that New Zealand recorded a merchandise trade surplus of NZ$261 million in June.

Exports climbed NZ$871 million or 17 percent on year to NZ$5.95 billion, while imports jumped NZ$1.1 billion or 24 percent on year to NZ$5.69 billion.

The aussie dropped to 4-day lows of 80.89 against the yen, 1.6052 against the euro and 0.9235 against the loonie, from its early highs of 81.48, 1.5964 and 1.5964, respectively. The aussie is seen locating support around 78.00 against the yen, 1.63 against the euro and 0.90 against the loonie.

The aussie fell to a 5-day low of 0.7338 against the greenback, after rising to 0.7372 in early deals. On the downside, 0.72 is likely seen as its next support level.

The aussie eased off to 1.0546 against the kiwi, following a high of 1.0563 set at 6:00 pm ET. Next key support for the currency may be seen around the 1.03 region.

The kiwi reversed from its early highs of 0.6986 against the greenback and 1.6852 against the euro, dropping to 4-day lows of 0.6955 and 1.6937, respectively. The kiwi may face support around 0.68 against the greenback and 1.72 against the euro, if it falls again.

The kiwi touched a session's low of 76.68 against the yen, down from a high of 77.22 seen at 6:05 pm ET. The kiwi is poised to find support around the 74 level.

Looking ahead, U.S. new home sales for June will be published in the New York session.

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