NZD/USD on the verge of breaking below 0.70 mark

After an initial up-tick to a fresh three-week peak, the NZD/USD pair turned lower and is now on the brink of breaking below 0.70 psychological mark. 

The pair ran through some offers at higher level amid stalling greenback selling pressure, with the key US Dollar Index bouncing-off three-week lows and hovering just below session peak level near 101.80 region. Moreover, weaker sentiment around commodity space is also seen weighing on commodity-linked currencies and collaborating to the pair's retracement from the highest level since Dec. 16. 

Later during NA session, the key monthly jobs report from the US, will remain at the centre stage and would influence investor expectations for next Fed rate-hike action and eventually provide fresh impetus for higher-yielding currencies - like the Kiwi. 

Technical levels to watch

On a sustained break below 0.70 psychological mark, the pair is likely to accelerate the slide towards 0.6975 horizontal support below which the pair is likely to head back to 0.6920 important support. On the upside, 0.7035-40 region seems to have emerged as immediate resistance, which if cleared has the potential to lift the pair towards an important confluence resistance near 0.7080-85 region, comprising of 200 & 50-day SMAs.