NZD/USD attempting a move back towards 0.7100 handle

After seesawing between tepid gains and minor losses in the previous trading session, the NZD/USD pair regained traction on Wednesday and is now attempting to build on Monday's strong recovery move.

Currently trading at a fresh session peak level, around 0.7075-80 region, the pair has now moved closer to a three-day high level of 0.7086 touched on Tuesday as the overall US Dollar Index extended its consolidation move near multi-year highs. 

Investors now look forward to FOMC meeting minutes, later during NY trading session. With markets already pricing-in nearly 100% chances for a December Fed rate-hike, today's FOMC minutes will be looked upon for clarity over the Federal Reserve's rate-tightening path, beyond December meeting. 

Today's US economic docket, featuring the release of durable goods orders, weekly jobless claims and new home sales data, might also provide short-term trading opportunities during early NA session.

Technical levels to watch

Momentum above 0.7086 (yesterday's high) could get extended beyond 0.7100 handle towards 0.7120 horizontal resistance zone. On the downside, immediate support is seen at 0.7060 (session low) below which the pair is likely to drift back towards the very important 200-day SMA support near 0.7030 region.