NZD/USD stages solid comeback on Oil rebound

The NZD/USD pair extends its recovery on 0.70 handle in the mid-Asian trades, now pushing further beyond 0.7050 levels amid a broadly lower USD and rallying oil prices.

NZD/USD eyes 20-DMA at 0.7067

Currently, the NZD/USD pair rises 0.71% to 0.7047hovering within a striking distance of fresh session highs posted at 0.7151. The Kiwi found fresh bids just ahead of 0.70 handle and takes on a solid recovery from there as risk sentiment improves somewhat in response to a rebound in the oil prices.

Moreover, the US dollar stalled its recent run of gains and corrected lower against its major peers this session, which also collaborated to the upbeat sentiment around the NZD/USD pair.

Next of note for the major remains the US GDP data, while Fed speaks and the EU Economic Summit will be also paid close attention against the backdrop of the Brexit vote.

NZD/USD Levels to consider

To the upside, the next resistance is located at 0.7107/08 (5 & 10-DMA), above which it could extend gains to 0.7159 (post-Brexit high). To the downside immediate support might be located at 0.7000 (psychological levels) and from there to at 0.6974 (post-Brexit low).