NZD/USD slides below 0.7300 after US economic releases

Following the release of better-than-expected US economic releases, the NZD/USD pair accelerated its reversal from closer to multi-month high and has now dropped back below 0.7300 handle. 

The pair came under renewed selling pressure after US durable goods orders and weekly jobless claims surpassed consensus estimates and provided an additional boost to the ongoing recovery momentum witnessed around the greenback. 

The US Dollar, however, seems to have halted its stronger-than-expected economic data-led gains as investors remained reluctant to carry big bets ahead of Friday's speech by the Fed Chair Janet Yellen and US Q2 GDP print. 

Next on tap would be the preliminary release of Markit US services PMI for the month of August. 

Technical levels to watch

A sustained weakness below 0.7300-0.7290 zone, leading to a subsequent drop below 0.7270 level, might negate the near-term bullish momentum and turn the pair vulnerable to head back towards retesting 0.7210-0.7200 important support. 

Meanwhile on the upside, any recovery attempt now seems to face resistance near 0.7310. However, major upside resistance remains at 0.7345-50 area (multi-month highs), which if conquered should pave way for further near-term appreciating move initially towards 0.7395 (May 22, 2015 high) en-route its next major resistance near 0.7450-60 region.