NZD/USD spared from selling, but still looking for the floor

• NZD/USD ekes out gains in yesterday's trading.
• Kiwi still down for a second week, further losses could materialize.

NZD/USD is undecided in Asia markets, with early Tokyo trading seeing the pair near the 0.7220 handle. The Kiwi escaped yesterday's trading relatively unscathed, with the close of New York markets seeing the pair down a scant 20 pips over a twenty-four hour period. 

The Kiwi was fairly insulated from whips in market sentiment that saw traders piling into the Yen following better-than-expected economic data from the US; equities and commodities are still exposed to risk sentiment swings in the markets, as equities and commodities keep trying to claw their way back up after getting knocked down in bouts of fear as traders swing from fear to greed rapidly this week, torn between fear of selling too late or too early with a future of rising interest rates on the cards.

NZD/USD Technicals

Resistance for today's trading is priced in near 0.7242, while bearish plays in Tokyo will be met with support at 0.7212 and 0.7193 below that. The Kiwi closed higher against the Greenback for seven consecutive weeks recently, but with the recent shifts in market sentiment and growing risk aversion, 0.7370 may be priced in as a top, and a continued rejection from the current area could see NZD/USD falling to 0.6855 over the coming months.

Today's pivot points:
R2: 0.7277
R1: 0.7245
PP: 0.7211
S1: 0.7197
S2: 0.7145