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

• NZD/USD eased on Thursday as New Zealand’s tight budget stance increased expectations for policy easing as soon as next week to counter global risks.

• New Zealand announced its lowest fiscal spending in a decade, maintaining strict budget discipline despite slower GDP growth forecasts and warnings of economic impacts from the global tariff war.

• New Zealand economy shrank last year, with its recovery slowed by weak consumer spending and uncertainty over sudden changes in U.S. trade and economic policies.

• The Reserve Bank of New Zealand is widely expected to cut the Official Cash Rate (OCR) to 3.25% at next Wednesday’s meeting.

• At GMT 05:58, the New Zealand dollar was down 0.19% to 0.5927 against the   dollar.

•  Immediate resistance is located at 0.5960(38.2%fib), any close above will push the pair towards 0.6013 (Higher BB).

•  Support is seen at 0.5886(50%fib) and break below could take the pair towards 0.5857(Lower BB).

 Recommendation: Good to buy around 0.5910 with stop loss of 0.5820 and target price of 0.6000