NZD/USD holds weaker below mid-0.7200s

Having posted a session high level of 0.7267, the NZD/USD pair ran through some fresh offers and is currently placed at session lows near the 0.7240 region. 

The pair extended overnight rejection slide from the 0.73 neighborhood and held weaker for the second straight session. A follow through uptick in the US Treasury bond yields, which although has failed to provide any fresh bullish impetus to the US Dollar was still seen weighing on higher-yielding currencies - like the Kiwi.

This coupled with the prevalent negative trading sentiment around commodity space further dented demand for commodity-linked currencies and collaborated to the offered tone surrounding the major. 

Despite the pull-back, the pair has held within previous session's trading range and the resilience could be attributed to some cross-driven strength, with the AUD/NZD cross losing some ground for the third consecutive session in wake of disappointing release of Australian NAB Business Confidence Index.

Today's US economic docket features the release of JOLTS Job Openings, which would be looked upon for some trading impetus. In the meantime, the US bond yield dynamics would continue to act as an exclusive driver of the pair's movement through Tuesday trading session.

Technical levels to watch

A follow through retracement below 0.7225 level might turn the pair vulnerable to break below the 0.7200 handle and head towards testing 0.7170 horizontal support. On the flip side, sustained momentum above 0.7270-80 area now seems to lift the pair beyond the 0.7300 round figure mark back towards an important barrier near the 0.7330-35 region.