NZD/USD pares gains on the day as risk trims some of its early advance

NZD/USD falls back to near session lows below 0.7200 currently

NZD/USD H1 03-02
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The pair is backing off after having ran into the swing region around 0.7220-25 and also key trendline resistance seen at around 0.7220. This comes as we see risk trim some of its early advance with S&P 500 futures slipping a little on the session:

E-minis 03-02

Risk sentiment in general is still keeping slightly tilted to the positive side but the pullback here indicates that there is some push and pull taking place.

Elsewhere, the dollar is also keeping slightly firmer across the board with EUR/USD easing to 1.2010 and USD/CAD moving back towards 1.2800.

Going back to NZD/USD, the pair now finds itself creeping closer towards the confluence of its 100 (red line) and 200-hour moving averages (blue line) @ 0.7175-85.

Keep above that and the near-term bias stays more bullish but buyers will have to try and break away from the wedge pattern to establish any further upside momentum in the pair:

NZD/USD D1 03-02