• NZD/USD advanced on Wednesday as greenback eased as investors geared up for an expected interest rate cut by the U.S. Federal Reserve.
• The greenback weakened after President Trump suggested a potential Fed chair as he introduced economic adviser Kevin Hassett at the White House.
• Kevin Hassett is widely seen by investors as a dovish candidate to replace Jerome Powell, and his nomination could therefore put downward pressure on the dollar...
• Data released on Monday reinforced expectations of a Federal Reserve rate cut in December, with manufacturing contracting for a ninth consecutive month in November.
• Markets are pricing in an 87.2% probability of a 25 basis-point interest rate cut at the Fed's meeting next week, according to CME's FedWatch tool..
• Immediate resistance is located at 0.5756(50%fib), any close above will push the pair towards 0.5782(Higher BB).
• Support is seen at 0.5713(Dec 2nd low) and break below could take the pair towards 0.5664 (SMA 20).
Recommendation: Good to buy around 0.5730, with stop loss of 0.5650 and target price of 0.5800
