NZD/USD reverses early dip, jumps to session high at 0.7245

A minor pull-back in the greenback helped the NZD/USD pair to recover from early Asian session dip to 0.7210 level and turn higher to currently trade at session peak around mid-0.7200s.

On Friday, the major reversed sharply from a fresh 15-month high level of 0.7380 after comments from various Fed officials, including the Chairwoman Janet Yellen, indicated a strong case for raising short-term interest rates in near-future. 

This week's release of the key monthly jobs report from the US, popularly known as NFP, would be looked upon for possibilities of an eventual Fed rate-hike decision in September. Meanwhile, today's US releases that include - Fed preferred inflation gauge, Core PCE Price Index and personal income / spending data would assist traders to grab short-term trading opportunity. 

Technical levels to watch

From current levels, previous support near 0.7290-0.7300 region now becomes immediate resistance, above which the pair seems to extend its recovery momentum back towards 0.7345-50 region before heading towards retesting Friday's multi-month high resistance near 0.7380 level. 

On the flip side, 0.7210-0.7200 region remains immediate support to defend, below which the pair is likely to drop immediately towards 50-day SMA support near 0.7170 before extending its near-term corrective move towards 0.7100 round figure mark support.