• NZD/USD edged higher on Wednesday as the US dollar retreated ahead of the Federal Reserve’s policy decision.
.• The Federal Open Market Committee (FOMC) meeting, which concludes later on Wednesday, is expected to kick off a U.S. easing cycle that could spark volatility in currency pairs.
.• On the data front, Consumer confidence in New Zealand improved in the third quarter .The Westpac-McDermott Miller consumer confidence index rose to 90.8 from 82.2 in the previous quarter.
• At (GMT 05:24) Kiwi dollar was trading at up 0.16% to $0.6197 against the U.S. dollar , having slipped 0.2% overnight
• The technical outlook remains bullish and points to eventual bigger gains, Fourteen-day momentum is positive, reinforcing the scope for a bigger gains .
• Immediate resistance is located at 0.6202(38.2%fib), any close above will push the pair towards 0.6274(23.6%fib).
•Support is seen at 0.6149 (50%fib) and break below could take the pair towards 0.6133(Lower BB).
Recommendation: Good to buy around 0.6180, with stop loss of 0.6120 and target price of 0.6270
