FxWirePro: NZD/USD hovers near one month high, remains on bullish path

• NZD/USD traded near its highest level in a month on Friday as investors assessed the latest U.S. economic releases.

• On Thursday, data showed the biggest weekly increase in the number of Americans filing new applications for jobless benefits in four years.

• U.S. consumer prices rose more than expected in August, recording the largest annual increase in seven months, while weekly jobless claims also jumped sharply, highlighting softening labor market conditions

• The data could introduce uncertainty into the Fed’s deliberations next week, yet rate cut expectations continue to dominate investor focus.

• Meanwhile, New Zealand’s manufacturing sector slipped back into contraction in August, with the BNZ-Business NZ Performance of Manufacturing Index (PMI) falling 2.9 points to 49.9, reversing July’s rebound. A reading below 50 signals contraction.

•  Immediate resistance is located at 0.6000(Psychological level), any close above will push the pair towards 0.6020(Higher BB).

•  Support is seen at 0.5904(50%fib)and break below could take the pair towards 0.5888(SMA20).

 Recommendation: Good to buy around 0.5970 with stop loss of 0.5850 and target price of 0.6060