• NZD/ USD traded within close proximity to the 2024 peak on Monday as market absorbed Fridays U.S. Federal Reserve Chair Jerome Powell's remarks on interest rate hike.
• With no New Zeland economic data release today, market sentiment and movements in the USD will primarily influence the New Zealand dollar.
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• At (GMT 03:17) kiwi dollar was trading at down 02 % at $0.6218 against the U.S. dollar.
• The technical outlook remains bullish and points to eventual bigger gains, Fourteen-day momentum is positive, reinforcing the scope for a bigger gains .
• Immediate resistance is located at 0.6237(23.6%fib), any close above will push the pair towards 0.6267 (Higher BB).
• Support is seen at 0.6170 (38.2%fib) and break below could take the pair towards 0.6115(50%fib).
Recommendation: Good to buy around 0.6180 with stop loss of 0.6070 and target price of 0.6260
