• NZD/USD advanced on Tuesday as investors breathed a sigh of relief following a temporary halt in the U.S.-China trade war, easing global recession fears.
• Washington and Beijing announced on Monday a 90-day agreement to cut the massive tariffs they imposed on each other.
• The U.S. and China imposed tit-for-tat tariffs on each other last month, triggering a trade war.
• Investor focus will shift to the details of the agreement and what follows after 90 days, with U.S. inflation data taking the spotlight later on Tuesday.
• At GMT 05:26, the New Zealand dollar was up 0.63% to 0.5891 against the dollar.
• Immediate resistance is located at 0.5941(38.2%fib), any close above will push the pair towards 0.6023 (23.6%fib).
• Support is seen at 0.5866 (50%fib) and break below could take the pair towards 0.5799(61.8%fib).
Recommendation: Good to buy around 0.5920 with stop loss of 0.5850 and target price of 0.6000
