FxWirePro: NZD/USD edges up, remains on front foot

• NZD/USD edged higher on Monday as kiwi dollar was supported by firmer commodity prices and weaker greenback.

•  The dollar weakened on Monday as growing expectations of additional U.S. monetary easing continued to weigh on the currency.

• Silver climbed above the $80-per-ounce-mark for the first time before sliding sharply lower in volatile trading on Monday.

•  Gold eased nearly 1% but has repeatedly breached record highs this year on dollar weakness, safe-haven demand and rate cut wagers.

• Investor focus in the holiday-shortened week will be on minutes from the Fed’s latest meeting due Tuesday. The U.S. central bank cut rates earlier this month and signaled just one more cut next year, even as markets are pricing in at least two.

 •  Immediate resistance is located at 0.5863(Higher BB), any close above will push the pair towards 0.5888(23.6%fib).

•  Support is seen at 0.5798 (38.2%fib) and break below could take the pair towards 0.5788 (SMa 20).

 Recommendation: Good to buy around 0.5820, with stop loss of 0.5750 and target price of 0.5880