• NZD/USD rose higher on Monday as investors positioned ahead of New Zealand’s upcoming labor market data.
• Upcoming domestic jobs report is due on Wednesday is expected to provide fresh insight into the health of New Zealand labor market.
• Forecasts point to a modest 0.2% quarterly rise in employment for the first three months of the year, marking a slowdown from the previous 0.5% increase.
• At the same time, the unemployment rate is projected to hold steady at 5.4%, remaining near a decade high.
•On the policy front, expectations for further tightening by the Reserve Bank of New Zealand remain, though investors have pared back bets on a May rate hike.
• Prasanna Gai, an external member at the Reserve Bank of New Zealand's monetary policy board, said the shock from the Strait of Hormuz closure does not imply "a reflexive tightening bias".
• Immediate resistance is located at 0.5920 (50%fib), any close above will push the pair towards 0.5952(Higher BB).
•Support is seen at 0.5874(SMA 20) and break below could take the pair towards 0.58381(61.8%fib).
Recommendation: Good to buy around 0.5900 with stop loss of 0.5820 and target price of 0.5970
