FxWirePro: NZD/USD runs out of steam but maintains bullish outlook

• NZD/USD eased slightly on Tuesday as the kiwi dollar was pressured by recent signs of economic weakness in China, New Zealand's largest trading partner.

.• New Zealand's second-quarter GDP data, due for release on Thursday, is expected to show a 0.4% contraction, strengthening the case for anticipated aggressive rate cuts.

.•Data due Thursday are expected to show the economy shrank by 0.4% in the second quarter, underlining the need for more policy easing

• At (GMT 05:00) Kiwi dollar was trading at down  0.21% at $0.6188 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 0.6202(38.2%fib), any close above will push the pair towards 0.6274(23.6%fib).

•Support is seen at 0.6149 (50%fib) and break below could take the pair towards 0.6133(Lower BB).

 Recommendation: Good to buy around 0.6170, with stop loss of 0.6120 and target price of 0.6270