FxWirePro: NZD/USD hovers near one month high, bias is bullish

• NZD/USD hovered near one month high on Wednesday  as market focused firmly on the Federal Reserve's upcoming policy verdict.

•The Fed is set to cut rates for the first time since December, with a 25-basis-point move fully priced in and a slim chance of a larger 50-basis-point reduction.

• Markets will be watching closely for the tone of the Fed’s outlook, with dovish forward guidance seen as the biggest risk.

• Speculation of political interference from former President Trump has also added uncertainty, raising the chance of a surprise in guidance or even a larger-than-expected cut.

• On the data front, New Zealand posted a Q2 current account deficit of only NZ$970 million, versus a forecast of NZ$2.66 billion, with Wednesday’s release also highlighting notable revisions to earlier data..

•  Immediate resistance is located at 0.5998(38.2%fib), any close above will push the pair towards 0.6027(Higher BB).

•  Support is seen at 0.5940(Sep 12th low)and break below could take the pair towards 0.5905(50%fib).

 Recommendation: Good to buy around 0.5960 with stop loss of 0.5850 and target price of 0.6060