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

• NZD/USD stabilized around $0.6240 on Monday as investors are awaited upcoming U.S. economic data and speeches from Federal Reserve officials for new interest rate insights.

.• This week, key data releases from US will include reports on manufacturing, consumer confidence, durable goods, and the personal consumption expenditures price index, an important inflation measure.

• The kiwi dollar stood at 0.6240 against greenback, having risen 1.3% last 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 0.6289(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