NZD/USD recedes below 0.7300 amid broad USD recovery

The NZD bulls jumped back on the bids this Thursday, after a temporary reversal seen yesterday, although failed to sustain at higher levels, despite upbeat comments from Fonterra.

NZD/USD fails to resist above 0.7300

Currently, the NZD/USD pair now gains +0.55% to 0.7286, recovering slightly from a dip to 0.7277 last hour. The Kiwi is surrendering a part of daily gains as the greenback recovers ground against its major competitors, following mixed FOMC minutes-induced sharp sell-off.

The NZD/USD pair rallied above 0.73 handle earlier on the day, tracking a fresh bout of buying in the AUD/USD pair, following the release of somewhat upbeat Australian labour market report. Moreover, optimistic comments from the NZ dairy giant Fonterra also boosted the bids around the NZD.

Next of relevance for the major remains the US macro releases due later in the NA session, while in the meantime, the pair will continue to track the broader market sentiment and oil price action.

NZD/USD Levels to consider

To the upside, the next resistance is located at 0.7329 (Aug 17 high), above which it could extend gains to 0.7400 (round figure). To the downside immediate support might be located at 0.7244 (5-DMA) and from there to at 0.7214 (10-DMA).