• NZD/ USD eased on Wednesday as dollar held firm as shifting expectations of the Federal Reserve being less aggressive in its easing.
• A series of strong economic reports from the U.S. has diminished expectations for aggressive monetary easing by the Federal Reserve, leading to a rise in the value of the dollar.
• GMT 05:19, the Kiwi dollar dipped 0.1% to $0.6036, following a 0.2% rebound overnight that helped it recover from a two-month low of $0.6020.
• Technical signals are bearish as RSI is up at 36, moving averages are trending south
• Immediate resistance is located at 0.6048(5SMA), any close above will push the pair towards 0.6072(38.2%fib).
• Support is seen at 0.6022 (23.6%fib) and break below could take the pair towards 0.6000(Psychological level ).
Recommendation: Good to buy around 0.6050 with stop loss of 0.6100 and target price of 0.5950
