FxWirePro: NZD/USD bearish momentum builds as dollar firms

• NZD/USD slipped lower on Tuesday as the U.S. dollar gained support after comments from President Donald Trump suggested a deal with Iran could be close.

• Late Monday, U.S. President Donald Trump said he had delayed planned strikes on Iran following a “very positive development” in negotiations, adding there was a “very good chance” the two sides could reach a deal.

• New Zealand’s producer input prices climbed 1.4% in the first quarter, while output prices increased 0.8%. Meanwhile, electronic card retail sales dropped 1.3% in April, according to Statistics New Zealand data released Tuesday.

•The Reserve Bank of New Zealand meets next week and markets imply a 30% chance of a hike in the 2.25% cash rate, though that rises to 90% for July.

•  Immediate resistance is located at 0.5877(50%fib), any close above will push the pair towards 0.5899(SMA 20).

•  Support is seen at 0.5822(Lower BB) and break below could take the pair towards 0.5790(38.2%fib).

 Recommendation: Good to sell  around 0.5860 with stop loss of 0.5920 and target price of 0.5800