• The New Zealand strengthened on Monday as easing U.S.-China trade tensions and weaker dollar boosted kiwi dollar.
• New Zealand is set to release its quarterly employment data on Wednesday, with the unemployment rate expected to rise to 5.3% from 5.1% in Q4.
• The Reserve Bank of New Zealand will also release its biannual Financial Stability Report on Wednesday.
• Markets have priced in a 75% probability that the Reserve Bank of New Zealand (RBNZ) will cut interest rates by 25 basis points later this month, with expectations pointing to a total of three rate cuts over the course of the year.
• At GMT 06:30, The NewZealand dollar was 0.55% stronger at $0.5973 against US dollar
• Immediate resistance is located at 0.5984(38.2%fib), any close above will push the pair towards 0.6072(23.6%fib).
• Support is seen at 0.5943 (Daily low) and break below could take the pair towards 0.5913(50%fib).
Recommendation: Good to buy around 0.5960 with stop loss of 0.5840 and target price of 0.6050
