• NZD/USD advanced on Tuesday as the Federal Reserve’s dovish stance continued to exert downward pressure on the US dollar.
• Market movements have been driven by expectations of faster U.S. rate cuts, following Fed Chair Jerome Powell's Friday announcement of the central bank's readiness to reduce rates.
.
• At (GMT 14:32) Kiwi dollar was trading at up 47 % at $0.6233 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 0.6230 with stop loss of 0.6160 and target price of 0.6280
