NZD/USD attempts a tepid-bounce from 0.7250

The bears take a breather from the overnight downward spiral, allowing a minor-recovery in NZD/USD back towards 5-DMA located at 0.7276.

NZD/USD faces stiff resistance just below 0.7300

Currently, the NZD/USD pair trades -0.44% lower at 0.7268, recovering from a dip to session lows struck at 0.7252 in the last hour. The Kiwi recovers losses and now looks to retest 0.73 handle beyond a break of daily tops as the bulls are rescued by a renewed rally in copper prices and stabilizing oil prices, which lends support to the resource-linked NZD.

However, the bearish pressure is likely to remain intact amid increased cautiousness ahead of the Chinese trade data, which is expected to show exports and imports declining by 5% and 6.2% respectively.

NZD/USD Levels to consider

To the upside, the next resistance is located at 0.7306/10 (11 & 10 Jul high), above which it could extend gains to 0.7329 (week ended May 24 2015 high). To the downside immediate support might be located at 0.7229 (10-DMA) and from there to at 0.7176 (20-DMA).