NZD/USD struggles to extend gains above 10-DMA

The NZD/USD pair staged a solid recovery during the Asian session, and reversed almost entire slide witnessed earlier today, as the bulls continue to cheer auspicious NZ trade data.

NZD/USD stuck below 10-DMA at 0.6766

Currently, the NZD/USD pair trades 0.25% higher at 0.6758, testing daily highs reached at 0.6764 on the release of NZ trade figures. The Kiwi witnessed wild swings in the Asian trades this Wednesday, now posing a solid recovery attempt from near 100-DMA located at 0.6737 on the back of prevailing risk-on sentiment amid rebounding stocks and oil prices.

Moreover, the sentiment around the bird also remains underpinned as markets continue to cheer better than expected NZ trade balance numbers released earlier on the day. Next in focus for the Kiwi pair remains the US macro updates ahead of the EIA weekly crude inventory report lined up for release in the NA session.

NZD/USD Levels to consider

To the upside, the next resistance is located at 0.6764/66 (Daily high/ 10-DMA), above which it could extend gains to 0.6800 (round number). To the downside immediate support might be located at 0.6700/0.6663 (round number/ 200-DMA) and from there to at 0.6618 (Mar 10 Low).