NZD/USD: up to challenge 20 1hr sma against heavy supply from 0.7300

NZD/USD is currently in consolidation, supported at 0.7210/20 as risk sentiment improved in the latter part of the US session with a record high in the S&P on Wall Street and a recovery in the commodities bloc. 

Fundamentally, the market is about the US dollar at the start of this week with last week's surprise improvement in the US jobs data supporting risk-on in overnight markets, encouraging investors back into US denominated assets as a safer haven among global market uncertainties and risks elsewhere. 

NZD/USD levels

However, NZD/USD recovered from the lows of 0.7214 and has started to penetrate the lows of the hourly drop from the 0.73 handle that based at 0.7230 in late Europe, a significant area as being 7th July resistance line. The 1hr 20 sma stands at 0.7236, the 50 sma at 0.7258 and a break of 0.7280 opens the highs of 0.7306. To the downside, the 1hr 100 sma at 0.7206 exposes the 200 sma on the same time frame of 0.7183opening 0.7150 and 5th and 6th July highs