FxWirePro: NZD/USD consolidates gains, eyes 0.6100 level

• NZD/USD held firm  on Wednesday  as optimism over a ceasefire between Israel and Iran continued to fueled risk-on sentiment.

• The Trump-brokered ceasefire between Iran and Israel held firm on Wednesday, with both sides halting airstrikes after nearly two weeks of conflict.

• On the data front, New Zealand posted a trade surplus of NZ$1.235 billion in May, while the annual trade deficit stood at NZ$3.79 billion, according to data released by Statistics New Zealand on Wednesday.

•New Zealand’s exports reached NZ$7.68 billion, while imports came in at NZ$6.44 billion, contributing to the monthly trade surplus.

•  Markets see little chance of the Reserve Bank of New Zealand cutting its 3.25% benchmark rate in July, but expectations for an August rate cut have climbed to over 60%.

• Immediate resistance is located at 0.6077(23.6%fib), any close above will push the pair towards 0.6115(Higher BB).

•  Support is seen at 0.5986(38.2%fib)and break below could take the pair towards 0.5925 (Lower BB).

 Recommendation: Good to buy around 0.6020 with stop loss of 0.5920 and target price of 0.6100