• NZD/USD edges up from one month low on Thursday as market attention turned toward U.S. economic data for further insights into the Federal Reserve's policy path.
• Friday’s Core PCE price index, the Fed’s preferred inflation gauge, is in focus, with a consensus of +0.2% month-on-month and +2.9% year-on-year.
• The data will likely influence expectations for the Federal Reserve’s next rate decisions and may impact USD momentum, which had briefly surged following Fed Chair Powell’s cautious remarks.
• Markets are also turning their attention to Thursday’s weekly U.S. jobless claims report, which is expected to provide fresh insights into the health of the labor market.
• Immediate resistance is located at 0.5863(Sep 24th high), any close above will push the pair towards 0.5902(50%fib).
• Support is seen at 0.5814(61.8%fib)and break below could take the pair towards 0.5814(Lower BB).
Recommendation: Good to buy around 0.5810 with stop loss of 0.5750 and target price of 0.5870
