• NZD/USD inched up Friday as dollar softened on on rising odds of the Federal Reserve cutting interest rates next month.
• The U.S. dollar came under pressure amid rising expectations of a Fed rate cut and ongoing concerns about central bank autonomy.
• Attention turns to the US PCE price index due later today, with investors looking for signals on the Federal Reserve’s policy trajectory.
• On the data front, New Zealand consumer confidence hit a 10-month low in August, ANZ-Roy Morgan said, amid weaker jobs and wage growth.
• New Zealand consumer confidence slipped to 92.0 in August from 94.7 in June, remaining in pessimistic territory below 100.
• Immediate resistance is located at 0.5902(SMA 20), any close above will push the pair towards 0.5919(50%fib).
• Support is seen at 0.5821 (61.8%fib)and break below could take the pair towards 0.5792(Lower BB).
Recommendation: Good to sell around 0.5900 with stop loss of 0.5970 and target price of 0.5850
