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

• NZD/USD edged lower on Thursday as investors looked for clarity on potential trade deals amid easing US-China tensions .

• Progress on a trade deal between the U.S. and China gave markets some reason to cheer, the lack of clear direction on Trump’s trade policies has left investors with lingering uncertainty about the global economic outlook.

• On Thursday, investors will focus on retail sales data while seeking further details on potential trade deals amid easing tensions between the U.S. and China.

•On the data front, Food prices in New Zealand rose 0.8% in April, accelerating from a 0.5% increase in March. The faster pace of food inflation may add some pressure to the Reserve Bank of New Zealand’s inflation outlook.

• At GMT 04:51, the New Zealand dollar was down  0.02% to 0.5893 against the   dollar.

•  Immediate resistance is located at 0.5929(38.2%fib), any close above will push the pair towards 0.6029 (23.6%fib).

•  Support is seen at 0.5859 (50%fib) and break below could take the pair towards 0.5777(61.8%fib).

 Recommendation: Good to buy around 0.5880 with stop loss of 0.5820 and target price of 0.5950