• NZD/USD rebounded sharply on Tuesday as optimism over a ceasefire between Israel and Iran fueled risk-on sentiment across global markets.
• U.S. President Donald Trump surprised markets late Monday by announcing that Israel and Iran had reached a complete ceasefire, potentially bringing an end to the 12-day conflict.
• With tensions still fresh, investors are clinging to hopes that the ceasefire is real and lasting. Just days ago, U.S. airstrikes on Iran stirred fears of being pulled into another drawn-out foreign war.
• On the data front, New Zealand is set to release trade figures on Wednesday, following a stronger-than-expected Q1 GDP print that bolstered expectations the RBNZ is approaching the end of its easing cycle.
• Markets assign a low probability to the Reserve Bank of New Zealand cutting its benchmark rate of 3.25% in July, but the odds of a rate cut in August have risen to over 60%.
• Immediate resistance is located at 0.6073(23.6%fib), any close above will push the pair towards 0.6097(Higher BB).
• Support is seen at 0.5983(38.2%fib)and break below could take the pair towards 0.5933(Lower BB).
Recommendation: Good to buy around 0.6000 with stop loss of 0.5920 and target price of 0.6080


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