FXStreet (Mumbai) - The NZD/USD pair is seen fighting hard to regain lost ground above 0.65 handle, with the recovery running through fresh offers on the back of negative Chinese equities. NZD/USD faces stiff barrier near hourly 10-SMA at 0.6541 Currently, the NZD/USD pair trades -0.19% lower at 0.6530, having retested daily lows at 0.6510 post-China open. The Kiwi’s recovery from fresh two-month lows appears to lose steam after the negative open on the Chinese indices, once again fuelling risk-off moods across the board. The Shanghai Composite index drops -1.32% while China’s A50 index declines -0.72%. The below estimates Chinese CPI numbers released over the weekend reinforced worries over the health of the Chinese economy amid crashing local stock markets, and weighs heavily on the NZD/USD pair. China inflation report showed the CPI rising 1.6% y/y in December, coming in weaker than the 1.7% forecast by markets, and well below the government's target of around 3.0%. Moreover, concerns over Chinese demand for commodities and at the same time falling copper and oil prices, further exacerbated the pain in the resource-linked Kiwi, with markets speculating further RBNZ rate cut later this month. NZD/USD Levels to consider To the upside, the next resistance is located at 0.6571/75 (5-DMA/ 1h 20-SMA), above which it could extend gains to 0.6600 (round number) levels. To the downside immediate support might be located at 0.6510 (Daily Low) below that 0.6491 (Nov 23 Low). For more information, read our latest forex news.