FxWirePro: NZD/USD recovers slightly, scope for further upside

• NZD/USD stabilized around $0.6180 on Monday as uncertainty persisted regarding the magnitude of the Federal Reserve's anticipated interest rate cut later this month.

• Data released on Friday revealed that U.S. employers added fewer jobs than expected in August, although the unemployment rate fell to 4.2%.

. The report failed to clarify the extent of the Federal Reserve's anticipated rate cut for next week's meeting.
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• At (GMT 03:06) Kiwi dollar was trading at up  12 % at $0.6180 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 0.6214(38.2%fib), any close above will push the pair towards 0.6255 (Sep 6th high).

•  Support is seen at 0.6151 (50%fib) and break below could take the pair towards 0.6092(61.8%fib).

 Recommendation: Good to buy around 0.6170 with stop loss of 0.6100 and target price of 0.6260