NZD/USD keeps the red below 0.70 handle

The NZD/USD pair stalled tepid recovery move near the key 0.70 mark and refresh daily lows after the US economic releases.

Currently trading around 0.6975-80 region, the pair ran through some fresh offers after data released from the US showed initial weekly jobless claims dipped slightly to 241K from previous week's 243K. Meanwhile, the Philly Fed manufacturing index dropped to 32.8 for March, down from previous month's 43.3 but was slightly better than 30.0 expected. 

From the US housing sector, better-than-expected housing starts, at 1.288 million for Feb., seems to have been negated by a larger-than-expected drop in building permits. Today's mixed US economic data extended little support to stall the post-FOMC bearish slide in the key US Dollar Index. 

However, a goodish recovery in the US treasury bond yields failed to provide any immediate respite to higher-yielding currencies - like the Kiwi. This coupled with disappointing fourth quarter GDP growth figure from New-Zealand continued weighing on the major through early NA session. 

Technical levels to watch

Bears would be eying for a decisive break below 0.6975-70 region, below which the pair is likely to accelerate the slide towards 0.6935 horizontal support ahead of the 0.6900 handle.

On the flip side, a follow through recovery momentum beyond 0.7000 mark is likely to confront strong resistance near 0.7040 region, which if cleared has the potential to continue boosting the pair towards the 0.7100 handle.