FxWirePro: NZD/USD edges higher but outlook is bearish

• NZD/USD edged higher on Monday as the dollar softened ahead of key U.S. economic releases that may shed light on the Fed’s rate path.

• Investors are awaiting figures on job openings, private payrolls, and ISM manufacturing PMI ahead of Friday’s employment report to measure economic momentum.

• A string of robust U.S. data has dampened hopes for aggressive Fed rate reductions, as markets currently expect around 40 basis points of easing by December.

• Traders are currently pricing in a 90% chance of a Fed rate cut in October, with around a 65% probability of another easing in December, according to the CME FedWatch Tool.

•  Immediate resistance is located at 0.5820(38.2%fib), any close above will push the pair towards 0.5879(50%fib).

•  Support is seen at 0.5756(23.6%fib)and break below could take the pair towards 0.5731(Lower BB).

 Recommendation: Good to sell around 0.5800 with stop loss of 0.5900 and target price of 0.5730