NZD/USD struggling to recover above 0.70 mark

Following a drop to a new two-week low at 0.6975, the NZD/USD corrected some of the daily losses, but the pair is having a difficult time moving back above the 0.70 mark. As os writing, the pair is at 0.6995, just a few pips below yesterday's closing price.

Although the greenback  – measured by the US Dollar Index – rose to 100.50 following the macro data from the United States, it couldn't sustain the upward momentum as the FOMC members' statements were on the dovish side. The DXY is down 0.22% at 100.22 at the moment.

St. Louis Fed President James Bullard and the President of the Federal Reserve Bank of Minneapolis, Neel Tushar Kashkari, both suggested that the Fed needs to start gradually shrinking the balance sheet and that there was no rush to hike rates as the economy was not overheating. 

Fed's Kashkari: Congress' actions on taxes, healthcare, trade, will factor into fed's rate decisions

Fed's Bullard: Fed does not need to be preemptive on rates

There are no macro events left for the remainder of the day but the month end flows could bring some volatility to the markets in the last trading hours. 

Technical levels to consider

The first technical resistance for the pair could be found at 0.7000 (psychological level) followed by 0.7100 (50-DMA) and 0.7150 (200-DMA). On the downside, below 0.6975 (daily low), the fall could extend to 0.6925 (Mar. 15 low) and 0.6890 (Mar. 10 low).