• NZD/USD advanced on Wednesday as optimism over trade deals between the United States and its key regional trade partners lifted demand for riskier assets.
• A series of U.S. trade agreements with regional partners such as Japan, Vietnam, Indonesia, and the Philippines has reassured markets and fueled a shift toward riskier assets.
• The deals fueled speculation that additional key U.S. trade allies may reach similar agreements ahead of the looming August 1 tariff deadline..
• Beyond trade negotiations, market attention will turn to the European Central Bank’s rate decision due later in the day.
• At GMT 05:36, the New Zealand dollar was up 0.19% to 0.6057 against the US dollar
• Immediate resistance is located at 0.6110(23.6%fib), any close above will push the pair towards 0.6145 (Higher BB).
• Support is seen at 0.6024(38.2%fib)and break below could take the pair towards 0.5950(50%fib).
Recommendation: Good to buy around 0.6030 with stop loss of 0.5960 and target price of 0.6100
