NZD/USD offered above 5-DMA, back near 0.7100

The recovery NZD/USD pair faltered just ahead of 5-DMA barrier and from there the bears fought back control, knocking-off the rate closer towards 0.71 handle.

NZD/USD awaits NZ GDT index

Currently, the NZD/USD pair drops -0.09% to 0.7109, revisiting daily lows of 0.7096, struck at Asian open. The Kiwi fails to sustain the recovery and drops back into the red zone as the USD price-action continues to drive the major, despite a recovery in risk sentiment.

Markets also continue to assess the impact of the twin earthquakes, keeping any recovery-attempt in NZD/USD short-lived.

However, the retreat in the major appears limited as oil prices have staged a solid rebound so far this session, underpinning the resource-linked NZD.

All eyes now remain on the US retail sales and NZ GDT price index data due later on the day for fresh impetus on both, the USD and NZD.

NZD/USD Levels to consider

To the upside, the next resistance is located at 0.7136 (5-DMA), above which it could extend gains to 0.7151 (daily R1) and from there to 0.7200 (round figure). To the downside immediate support might be located at 0.7096/83/76 (daily low/ 200-DMA) and from there to at 0.7050 (psychological levels), below which 0.7032 (Oct low) would be tested.

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