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The NZD/USD pair extended its reversal move from Tuesday's over 2-1/2 month high and has now reversed all of its gains recorded in the previous session.
Currently trading around 0.7270-75 band, off session low level of 0.7259, the pair came under some selling pressure after NZ PM English called for a national election on Sept. 23. Adding to this, broad based US Dollar recovery, following yesterday's sharp slide in reaction to comments from Trump and head of his National Trade Council, Peter Navarro, was also seen collaborating to the pair's retracement on Wednesday.
Meanwhile, traders also seemed inclined to take some profits off the table ahead of today's important economic releases from the US that includes - ADP report and ISM manufacturing PMI, and the Fed monetary policy decision, which would be looked upon for fresh cues over the central bank's near-term monetary policy outlook and help determine the next leg of directional move for the US Dollar.
Technical levels to watch
A follow through retracement below 0.7255-50 immediate support is likely to extend the corrective slide towards 0.7220 horizontal support before the pair eventually drops to below 0.7200 handle to test 0.7185 support area.
On the upside, 0.7300 handle now becomes immediate resistance above which the pair is likely to aim back towards mid-0.7300s (yesterday's high) ahead of Nov. monthly highs resistance near 0.7400 round figure mark.
