NZD/USD: heading for a break into key 0.72 handle?

Currently, NZD/USD is trading at 0.7330, down -0.47% on the day, having posted a daily high at 0.7372 and low at 0.7318.

NZD/USD continued its descent from the highs for the year at 0.7557 and is set to make its third losing day in a row in today's US session, pressured by a resurgence in the dollar after strong JOLTS. What is compelling about the move, is that there is very little support below 0.7200 but a fair bit of congestion and choppiness looks to be ahead of any major reversal of May's uptrend from the 0.68 handle. 

"The JOLTS report showed the number of openings for prospective workers at its highest point on record at the end of June, underscoring the strong underlying demand for labor," explained analysts at Wells Fargo.

While markets await the RBNZ, (RBNZ: will be in no hurry to tighten - Nomura), convinced of no change mind you, eyes for today will stay on commodity prices, (specifically metals that are bid today, supportive of the Antipodeans), and the performance of the dollar; WTI will be watched closely with the weekly API data coming up soon before we turn to China's CPI in Asia today as the next potential catalyst. 

NZD/USD levels

To the upside, 0.7370 (recent high), 0.7420/25 ahead of the key 0.7440 and 0.7480 are the near-term resistance areas. 0.7520/25 double top highs are ahead of the 21st July high at 0.7557. In a continuation, 0.7744 were the April 2015 highs ahead of the opening highs for that year at 0.7889. To the downside, supports come as 0.7320, ( today's low 0.7318), 0.7280, (11th July high), 0.7205/06 June 22/21 lows; 0.7186 June 15 low; 0.7150 June 5 high; 0.7127 June 6 low. On the wide, on a break below 0.7080/00 opens 0.6970.