FxWirePro: NZD/USD loses momentum, but bullish outlook remains

• The New Zealand dollar edged lower on Thursday  as the U.S. dollar firmed ahead of key U.S. economic reports.

• Jobless claims and the ISM manufacturing survey are due later on Thursday, but Friday's April jobs report will be the key data for markets to assess recession risks.

• The dollar has been one of the biggest casualties of the trade war, with Trump’s fluctuating tariffs hurting growth expectations and shaking confidence.

•However, the dollar has rebounded from its lows as Trump suspended many of the tariff hikes and hinted at potential deals, including with China, which faces the highest levies.

• The Reserve Bank of New Zealand is widely expected to lower its 3.5% cash rate by 25 basis points in May, with a further reduction to 2.75% anticipated by year-end.

•  Immediate resistance is located at 0.6000(Psychological level), any close above will push the pair towards 0.6017 (23.6%fib).

•  Support is seen at 0.5926 (38.2%fib) and break below could take the pair towards 0.5897(April 30th low).

 Recommendation: Good to buy around 0.5910 with stop loss of 0.5840 and target price of 0.6000