NZD/USD: Buyers in control, re-attempts 0.7200

The bulls are seen in complete control during the Asian hours this Friday, allowing the NZD/USD pair to extend the recovery back towards 0.72 handle.

NZD/USD takes out 5-DMA at 0.7188

Currently, the NZD/USD pair trades 0.31% at fresh session highs of 0.7195, trying hard for a decisive break above 0.72 handle. The buying interest  seen behind the NZD/USD pair is largely driven by strong gains seen its OZ counterpart, following the RBA’s quarterly SoMP.

While shorts squeeze ahead of the US NFP report also cannot be ruled as a key reason behind the Kiwi’s ongoing recovery phase from a slump to 0.7135 levels.

Looking ahead, what remains to be seen is whether the Kiwi sustains a move higher above 0.72 handle, as focus now remains on the US employment report due later in the American morning.

NZD/USD Levels to consider

To the upside, the next resistance is located at 0.7232/34 (Aug 1 & Jul 29 high), above which it could extend gains to 0.7250/61 (psychological levels/ multi-week highs). To the downside immediate support might be located at 0.7154 (10-DMA) and from there to at 0.7106 (20-DMA).