FxWirePro: NZD/USD edges higher but outlook still bearish

• NZD/USD edged higher but gains were limited as global traders awaited a U.S. interest rate decision and a possible trade deal between the U.S. and China

• Investors await the outcome of the Fed's two-day policy meeting on Wednesday. The U.S. central bank is widely expected to cut interest rates by a quarter of a percentage point.

•Meanwhile, New Zealand central bank Governor Christian Hawkesby warned Wednesday that global central bank independence is under threat and stressed the need to protect their policy autonomy.
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• Looking ahead, focus will shift to New Zealand’s Q3 employment report, set for release on November 5, which will provide fresh insights into labor market conditions and could influence the Reserve Bank of New Zealand’s policy outlook.

• The technical outlook remains bearish and points to eventual bigger drop, fourteen-day momentum is negative.
 
•  Immediate resistance is located at 0.5800(Psychological level), any close above will push the pair towards 0.5828(50%fib).

•  Support is seen at 0.5764(38.2%fib) and break below could take the pair towards 0.5720 (Oct23rd low).

 Recommendation: Good to sell around 0.5800, with stop loss of 0.5850 and target price of 0.5730