NZD/USD stalls 4-day recovery at 0.6950 amid weaker Oil and stocks

The New Zealand dollar trims losses against its American counterpart, lifting NZD/USD back towards the mid-point of 0.69 handle, where sellers continue to lurk.

NZD/USD faces stiff resistance at 0.6950 once again

The Kiwi remains on the offers so far this Thursday, as the bulls take a back seat amid a mild recovery in the US dollar against its main competitors, after the recent downward spiral backed by uncertainty over the Trump administration.

More so, risk-off trades witnessed in the Asian equities combined with oil-price weakness also collaborated to fresh selling in the major. Meanwhile, upbeat NZ consumer confidence and China home prices data keep the losses in check.

Also, a solid comeback staged by the Aussie on strong Aus jobs data offers some relief to its OZ neighbour Kiwi. Attention now turns towards the US jobless claims and Philly Fed manufacturing index due later today for fresh impetus on the spot. In the meantime, the USD dynamics and risk trends will drive the markets.

NZD/USD Levels to consider                                                                              

To the upside, the next resistance is located at 0.6948/50 (May 8 high/ psychological levels), above which it could extend gains to 0.6976 (Apr 12 high) and from there to 0.6991 (classic R2/ Fib R3). To the downside immediate support might be located at 0.6900 (key support), and from there to 0.6876 (May 17 low), below 0.6816 (multi-month lows) would be tested.