NZD/USD off lows, but struggles to take-out 0.7320

The NZD/USD pair extends its bullish momentum for the third straight session this Friday, in wake of broad based US dollar downside consolidation after poor dataflow from the US.  

NZD/USD eyes US CPI

Currently, the NZD/USD pair trades +0.05% higher at 0.7318, facing stiff resistance ahead of 0.7320 levels. The Kiwi struggles to extend the recovery from 0.7305 levels, where 5 & 20-DMA coincide, as renewed weakness in oil prices weigh on the resource-linked NZD.

The NZD/USD pair manages to regain the bid tone amid a better risk sentiment prevalent in the markets, as the Asian indices staged a rebound from a six-day losing streak. The Kiwi also finds support as the US bulls remain on the side-lines ahead of the US CPI data, leaving the greenback comatose against most of its major peers.

NZD/USD Levels to consider

To the upside, the next resistance is located at0.7345/50 (10-DMA/ psychological levels), above which it could extend gains to at 0.7400 (round number). To the downside immediate support might be located at 0.7261 (daily R1) and from there to at 0.7225 (50-DMA).