NZD/USD hovers near daily lows after US data

The dollar remained quite steady across the board, trading near daily highs versus the kiwi, following the release of US manufacturing and construction data.

NZD/USD bottomed out at 0.7174 in recent dealings, in line with broad weakness among commodity currencies. However, it managed to recover a few pips and it was last trading at 0.7187, still down 0.43% on the day.

On the data front, US ISM manufacturing index dropped to 52.6 in July from 53.2 the previous month, missing expectations of a more modest decline to 53.0. Meanwhile, construction spending dropped 0.6% in June, below the 0.6% increase expected.

NZD/USD levels to consider

In terms of technicals, NZD/USD could find next supports at 0.7138 (21-day SMA), 0.7100 (psychological level) and 0.7065 (Jul 29 low/10-day SMA). On the other hand, resistances line up at 0.7229 (Aug 1 high), 0.7294 (Jul 14 high) and 0.7324 (Jul 12 high).