NZD/USD hovering around multi-month lows

The greenback continued with its near-term bullish momentum, with the NZD/USD pair now dropping to the lowest level since July 27.

Currently trading few pips off session low, around 0.7040-45 region, the pair's attempted recovery on Wednesday got sold into after FOMC minutes reaffirmed market expectations of a December Fed rate-hike, which did little to shaken the upward momentum in the US Dollar and weighed on higher-yielding currencies - like the Kiwi.

Meanwhile, rising speculations on RBNZ rate-cut at its November meeting, coupled with Wednesday's disappointing Chinese trade surplus data attracted fresh selling pressure, dragging the pair closer to 0.7000 psychological mark.

Next in focus would be the US weekly jobless claims data, later during NA trading session, which would be followed by a speech from FOMC member Patrick T. Harker.

Technical levels to watch

Weakness below session low support near 0.7035 now seems to drag the pair immediately towards 0.7000 psychological mark below which the pair seems vulnerable to head towards testing 200-day SMA support near 0.6940 region.

On the upside, 0.7055-60 zone (session high) is likely to act as immediate resistance above which the pair is likely to aim towards Wednesday's high resistance near 0.7090 level before reclaiming 0.7100 handle.