NZD/USD off session-low but still well-offered at 0.7115

Following a dip below 0.7100 handle during early Asian session, the NZD/USD pair has managed to recover some of its lost ground to currently trade with only minor losses around 0.7115 region.

The pair's reversal from a three-week high touched during early part of last week, gained momentum further on Friday following the release of stronger-than-expected US jobs report. 

Of late the pair has remained under pressure on increasing odds of an eventual rate-cut by RBNZ, when it announces its monetary policy decision later during this week on Thursday. Although, the upcoming decision might have already been priced-in markets remain skeptic of further dovish comments at the subsequent RBNZ press conference, which is now seen restricting any swift recovery for the pair.

Technical levels to watch 

Recovery momentum above 0.7130-35 session peak region is likely to get extended towards 0.7167-70 resistance, above which the pair seems all set to reclaim 0.7200 handle and head towards retesting 0.7250 strong resistance area. 

On the downside, 0.7087 (session low) now seems to act as immediate support, which if broken is likely to accelerate the slide immediately towards 0.7000 psychological mark support. A follow through selling pressure below 0.7000 handle would increase the pair's vulnerability to continue drifting lower in the near-term.