NZD/USD: Bulls rescued by upbeat NZ data, keeps 0.70

The NZD/USD pair is seen attempting a minor-recovery from multi-month troughs, as the NZD bulls received some support from slightly upbeat NZ datasets.

NZD/USD trades below all major DMAs

Currently, the NZD/USD pair drops -0.21% to 0.7011, having struck fresh four-month lows at 0.7001 levels. The Kiwi finds good support just ahead of 0.70 handle as the bulls were rescued by in-line with expectations NZ retail sales data and above estimates PPI figures.

However, the recovery looks fragile amid broad based US dollar strength and weaker oil prices, which will continue to exert downward pressure on the major. The US dollar rules the roost on optimistic remarks by Fed Chief Yellen, in her testimony delivered a day before.

Markets digest the delayed NZ statistics in wake of twin earthquake that hit New Zealand, as we shift focus towards a string of speeches from Fed officials due later in the day.

NZD/USD Levels to consider

To the upside, the next resistance is located at 0.7050 (daily pivot), above which it could extend gains to 0.7066 (5-DMA) and from there to 0.7100 (round figure). To the downside immediate support might be located at 0.6985 (daily S1) and from there to at 0.6949 (July low), below which 0.6900 (zero figure) would be tested.