• NZD/USD struggled for direction on Wednesday as investors awaited Federal Reserve's policy announcement.
•Federal Reserve is widely expected to leave interest rates unchanged, markets will closely examine the accompanying statement and Chair Kevin Warsh's remarks for guidance on the future path of U.S. monetary policy
•Risk sentiment remained fragile after Iran reportedly launched missiles at a U.S. military base in Jordan, sending WTI crude oil prices up 4.1% during the Asian session and renewing concerns over escalating tensions in the Middle East.
•The New Zealand dollar is likely to remain under pressure unless the U.S. dollar loses momentum more broadly following the Fed meeting, with cautious market sentiment continuing to favor the greenback.
• Immediate resistance is located at 0.5794(50%fib), any close above will push the pair towards 0.5864(61.8%fib).
• Support is seen at 0.5775(SMA20)and break below could take the pair towards 0.5720(38.2%fib).
Recommendation: Good to sell around 0.5780 with stop loss of 0.5950 and target price of 0.5700
