NZD/USD: bears taking back control testing bull's commitments at 0.7200

Currently, NZD/USD is trading at 0.7203, up 0.04% on the day, having posted a daily high at 0.7230 and low at 0.7187.

Fed's Kaplan: Sooner rather than later means in the "near future"

NZD/USD continues to drop away and is targeting a break below the 0.7200 level and the 20 hourly sma. The dollar has caught a bid across the board along with US stocks and rates while Fed speaker Kaplan says that the Fed should start removing accommodation, but slowly. Such rhetoric and subsequent action from the Fed will keep upside pressure on US interest rates and the US dollar and analysts at Westpac have been expecting the bird to drop back to 0.7000 or lower despite a robust NZ economy and stronger dairy prices. 

NZD/USD levels 

NZD/USD is chipping away at the 20 sma on the hourly time frame guarding 21st Feb highs of 0.7174 before the recent 0.7128 low and double bounce area below the 200 hourly smoothed sma. The double top region below the half way mark on the 0.70 handle guards a break to 0.6980 late Dec highs. A double top at 0.7250 guards the Feb and YTD highs of 0.7374.