NZD/USD consolidating gains above 0.7300 handle

Following a daily closing above 0.7300 handle for the first time since May 2015, the NZD/USD pair was seen consolidating its recent gains and is currently trading with marginal gains around 0.7325 region, close to a multi-month highs touched on Tuesday. 

Tuesday's hawkish comments from RBNZ Governor Wheeler have been the key factor supporting the pair's bullish momentum for third consecutive day. Moreover, uncertainty surrounding Fed rate-hike action has failed to assist the greenback to register any meaningful recovery. Hence, market focus remains on the Fed Chair Janet Yellen's speech as Jackson Hole Symposium on Friday, which is expected to offer fresh clues over the timing of next Fed rate-hike action.

In the meantime, today's release of durable goods orders and weekly unemployment claims from the US would be looked for short-term momentum ahead of Friday's US GDP print.

Technical levels to watch

On the upside, 0.7345-50 area (multi-month highs) remains immediate hurdle, which if cleared should open room for further near-term appreciating move initially towards 0.7395 (May 22, 2015 high) en-route its next major resistance near 0.7450-60 region.

Meanwhile on the downside, 0.7300-0.7290 area now becomes immediate support to defend, which is followed by strong support near 0.7270. A decisive break below 0.7270 support would negate possibilities of any further up-move and drag the pair below 0.7250 horizontal support, towards testing 0.7210-0.7200 important support.