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FxWirePro: NZD/USD edges higher, set to stay on front foot

• NZD/USD edged higher on Tuesday as markets braced for a hawkish cut from the US Federal Reserve on Wednesday.

• Global focus remains on the FOMC decision at 1900 GMT on Wednesday; while a 25 bps rate cut is widely expected.

• Attention locally turns to comments from RBNZ Governor Anna Breman, who is scheduled to speak at an RBNZ-hosted media breakfast on Wednesday, with markets alert for any guidance on the policy outlook

• Data-wise, New Zealand’s November electronic card retail sales are due on December 11, with investors looking to see whether spending momentum improves from the prior +0.2% m/m and +0.8% y/y readings.

•  Immediate resistance is located at 0.5818(Higher BB), any close above will push the pair towards 0.5850(61.8%fib).

•  Support is seen at 0.5766(50%fib) and break below could take the pair towards 0.5690(SMA 20).

 Recommendation: Good to buy  around 0.5770, with stop loss of 0.5700 and target price of 0.5860

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