FxWirePro: NZD/USD eases as focus shifts to key U.S. jobs data

• NZD/USD eased on Thursday as investors   awaited the upcoming non-farm payrolls report for further cues on monetary policy.

 • Investor attention is firmly on Thursday’s U.S. nonfarm payrolls report for June, especially after private sector jobs unexpectedly declined for the first time in over two years.

• Wednesday’s ADP report prompted traders to adjust their Fed rate cut expectations, with the CME FedWatch Tool showing a 25% probability of a July cut up from 20% the previous day.

• Markets also kept a close eye on former President Trump’s sweeping tax and spending proposal, pending final approval in the House of Representatives.

• Meanwhile, Reserve Bank of New Zealand is widely expected to keep interest rates unchanged at its July 9 policy meeting, with swaps pricing in only a 23% probability of a 25-basis-point cut.

• Immediate resistance is located at 0.6103(July 2nd high), any close above will push the pair towards 0.6130(38.2%fib).

•  Support is seen at 0.6058(50%fib)and break below could take the pair towards 0.6038(SMA 20).

 Recommendation: Good to buy around 0.6050 with stop loss of 0.5930 and target price of 0.6150