NZD/USD recovers losses, back at 0.6700

The NZD/USD pair appears to track the oil-price action, with the major recovering amid a minor-recovery in oil prices amid a light trading session today.

NZD/USD bounces-off lows ahead of 200-DMA

Currently, the NZD/USD pair trades -0.07% lower at 0.6698, trying hard to extend above 0.6760 level. Having bottomed out just ahead of 200-DMA (0.6669), the Kiwi takes on the recovery towards 0.67 handle and above, as the US dollar turns negative across the board and hence, provides the much-needed respite to the NZD bulls.

Adding to the renewed optimism surrounding the Kiwi, the oil prices have also staged a recovery and now look to regain $ 50 mark, underpinning the resource-linked Kiwi. Nothing of note for the major in the day ahead as the US markets are closed on account of Memorial Day holiday.

NZD/USD Levels to consider

To the upside, the next resistance is located at 0.6723/30 (1h 50 & 100-SMA), above which it could extend gains to 0.6762/0.6800 (20-DMA/ round number). To the downside immediate support might be located at /0.6669 (200-DMA) and from there to at 0.6618 (Mar 10 Low).