FxWirePro: NZD/USD consolidating around 0.6240, room for further gains

• NZD/USD edged higher on Friday as  the prospect of further aggressive policy easing  by central banks boosted risk sentiment.

.• The U.S. Federal Reserve began its rate-cutting cycle with a significant 50-basis-point reduction.

.• Reserve Bank of New Zealand  surprised many by starting its easing campaign in August with a quarter-point cut to 5.25%.

• The kiwi dollar stood at $0.6234 against greenback, after reaching $0.6269 overnight, marking a 1.3% increase for the week.

•  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 0.6273(23.6%fib), any close above will push the pair towards 0.6297(Higher BB).

•Support is seen at 0.6205 (38.2%fib) and break below could take the pair towards 0.6151(50%fib).

 Recommendation: Good to buy around 0.6230, with stop loss of 0.6160 and target price of 0.6310