NZD/USD finds support at 0.7200, still under pressure

• Kiwi the worst performer among commodity currencies.
• NZD/USD off lows, still limited above 0.7200.

The NZD/USD pair erased losses but still remains under some pressure. The kiwi dropped during the Asian session to 0.7186, reaching the lowest level in a week. Then rebounded and managed to rise back above 0.7200 but the up move seems limited for the moment. 

Recently the pair reached a fresh daily high at 0.7218, boosted by a weaker US dollar versus commodity currencies. The greenback is up against European currencies but down compared to most of its rivals. Risk appetite weakened the demand for the US dollar and also lower US bond yields. 

Despite the recovery, the kiwi remains among the worst performer of commodity and emerging market currencies today. The rebound of AUD/NZD could be affecting the kiwi. 

The greenback was practically unaffected by US economic data. The Core PCE price index came in line with expectations: up 0.4% in February (1.6% y/y). Also, personal income (+0.4%) and personal spending (+0.2%) showed numbers matching market consensus. 

NZD/USD Technical levels 

To the upside, resistances could be seen at 0.7230, 0.7255/60 and 0.7290 (downtrend line). On the flip side, support might lie at 0.7185 (daily low), 0.7150/55 (March low) and 0.7125.