NZD/USD attempts tepid-recovery from 7-week lows

Fresh bids emerged for the NZD/USD pair near the mid-point of 0.71 handle, prompting a minor-bounce in the major back towards 0.72 barrier.

NZD/USD recovers amid weaker Oil

Currently, the NZD/USD pair trades almost unchanged at fresh session highs of 0.7171, recovering quickly from a dip to multi-week troughs reached at 0.7146 a day before. The Kiwi is seen making attempts to stall its three consecutive days of losses and now looks to regain 0.72 handle, as the US dollar extends its retreat versus its major peers from two-month tops. The USD bulls, although continue to ride higher on upbeat US services data-led wave.

However, the recovery looks fragile as oil prices turned lower in Asia, acting as a drag on the resource-linked NZD. While disappointing NZ GDT price index numbers also weigh down on the sentiment surrounding the major.

Amid a lack of fresh fundamental trigger until the NY session, the major will continue to remain at the mercy of the USD price-action.

NZD/USD Levels to consider

To the upside, the next resistance is located at 0.7203 (100-DMA), above which it could extend gains to 0.7249 (10-DMA) and from there to 0.7269/76 (20 & 50-DMA). To the downside immediate support might be located at 0.7146 (Oct 5 low) and from there to at 0.7108 (daily S2), below which 0.7086 (Aug 8 low) would be tested.