FxWirePro: NZD/USD consolidates around 0 .5810,room for further gains

• NZD/USD steadied around 0.5810 on Friday as kiwi supported by expectations that the Reserve Bank of New Zealand’s easing cycle may be coming to an end.

• The Reserve Bank of New Zealand signalled it was done easing when it cut rates to 2.25% in November, and markets are now priced for a hike by next September.

•  New Zealand’s November electronic card spending posted a stronger-than-expected 1.2% month-on-month increase  and 1.6% year-on-year gain  .

•The data underscores resilient domestic consumption, bolstering investor sentiment toward the NZD and adding to a series of positive economic indicators.

 •  Immediate resistance is located at 0.5855(Higher BB), any close above will push the pair towards 0.5893(38.2%fib.).

•  Support is seen at 0.5806(38.2%fib) and break below could take the pair towards 0.5763 (Dec10th low).

 Recommendation: Good to buy around 0.5800, with stop loss of 0.5750 and target price of 0.5870