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• NZD/USD moved higher on Wednesday as US dollar eased on mounting concerns about the US economy.
• The greenback continues to struggle after back-to-back data misses Friday’s soft nonfarm payrolls followed by Tuesday’s weaker-than-expected ISM Services PMI have cast doubt on the resilience of the U.S. economy.
• This has amplified expectations of monetary easing from the Federal Reserve, especially after Fed’s Daly reaffirmed support for two rate cuts this year.
• Meanwhile, New Zealand's jobless rate edged up in Q2, reflecting a soft labour market and reinforcing expectations of a 25 bps rate cut by the central bank in August.
• Markets are pricing in a 90% chance of a 25 bps cut to 3.0% by RBN on August 20, with a potential further cut to 2.75% later this year or early next.
• Immediate resistance is located at 0.5929(Daily high), any close above will push the pair towards 0.5961 (SMA 20).
• Support is seen at 0.5877(38.2%fib)and break below could take the pair towards 0.5845(Lower BB).
Recommendation: Good to sell around 0.5930 with stop loss of 0.6000 and target price of 0.5860
