FxWirePro: NZD/USD firms as Kiwi gains on strong ANZ business outlook data

• NZD/USD firmed  on Thursday   as  kiwi dollar was boosted after  ANZ Business Outlook Index surged to   its highest since February.

• The ANZ survey showed a net 56.1% of respondents expect the economy to improve over the next year, up from 36.6% in June.

• The strong rise in the index suggests businesses are growing more optimistic, with signs that the economy is recovering from the pressures of high borrowing costs, persistent inflation, and weak consumer demand.

• Markets are pricing in a 90% chance that the Reserve Bank of New Zealand will raise its 2.50% cash rate in September, supported in part by a stronger-than-expected business confidence report released on Thursday..

•The Reserve Bank of New Zealand raised its official cash rate to 2.50% earlier this month, its first rate increase in three years, and signaled that further policy tightening is likely as it works to bring inflation back to target while supporting the economy's continued recovery..

•  Immediate resistance is located at 0.5835(50%fib), any close above will push the pair towards 0.5883(Higher BB).

•  Support is seen at 0.5781(SMA 20)and break below could take the pair towards 0.5743(38.2%fib).

 Recommendation: Good to sell around 0.5830 with stop loss of 0.5900 and target price of 0.5760