NZD/USD downslide gains momentum, plunges to 0.7150

The NZD/USD pair's downslide has gained momentum following the release of US data, with the pair now dropping to daily floor to currently trade around mid-0.7100s.

The pair started the day on back-foot, shrugging-off strong up-tick in GDT Price Index. As the day progressed, a broad based recovery in the greenback, as measured by the US Dollar index, aggravated the selling pressure. 

The latest leg of fall was triggered by better-than-expected ADP report on US private sector employment that negated the impact of slightly lower-than-expected ISM non-manufacturing PMI. 

Wednesday's downslide has now dragged the pair to fresh weekly low level, erasing all of its strong gains posted on Tuesday as investors now turn their attention to one of the most keenly watched economic indicators from the US, monthly jobs report - popularly known as NFP.

Technical levels to watch

From current levels, the pair seems to take immediate support near 0.7130 area, below which the downslide is likely to get extended immediately towards 0.7075-70 area. On the flip side, any recovery attempt now seems to confront immediate resistance near 0.7200 handle, which if cleared seems to lift the pair back towards 0.7250 level.