• NZD/USD dipped on Thursday as the U.S. dollar strengthened after a federal court blocked most of President Trump’s "reciprocal tariffs.
• A U.S. trade court ruled that only Congress not the president’s emergency powers has the constitutional authority to regulate international trade...
•Meanwhile, RBNZ cut its official cash rate by 25bps to 3.25% on Wednesday, marking its sixth consecutive cut and meeting expectations, as inflation stays within the target range.
•Swaps imply one more rate cut from the Reserve Bank of New Zealand likely in August or October.
• The market is now awaiting U.S. GDP data due later today, along with core Personal Consumption Expenditures figures for clues on the rate cut outlook.
• At GMT 06:31, the New Zealand dollar was down 0.16% to 0.5957 against the dollar.
• Immediate resistance is located at 0.6019(23.6%fib), any close above will push the pair towards 0.6036(Higher BB).
• Support is seen at 0.5928(38.2%fib) and break below could take the pair towards 0.5898(May 23rd low).
Recommendation: Good to buy around 0.5930 with stop loss of 0.5860 and target price of 0.6080
