• NZD/USD edged higher on Friday as kiwi dollar was supported by upbeat manufacturing data.
•New Zealand’s Business PMI rose to 51.4 in October from 49.9, signaling a return to expansion in manufacturing activity after a period of contraction..
• The improvement reflects stronger production levels across firms and offers a positive signal for broader economic momentum...
• Markets are pricing in near-zero odds of a move at the RBNZ’s February meeting.
• The kiwi is up 0.5% this week, set to snap a two-week losing streak.
• Immediate resistance is located at 0.5777(SMA 20), any close above will push the pair towards 0.5810(38.2%fib).
•Support is seen at 0.5733 (38.2%fib) and break below could take the pair towards 0.5702(Lower BB).
Recommendation: Good to buy around 0.5730 with stop loss of 0.5650 and target price of 0.5830
