FxWirePro: NZD/USD sidelined ahead Of key New Zealand GDP and US inflation update

• NZD/USD traded in tight range on Wednesday   as investors stayed on the sidelines awaiting fresh  catalysts.

•  RBNZ Governor Anna Breman said on Monday that further interest rate hikes are off the table for now, reinforcing market expectations that the central bank will maintain an accommodative monetary policy.

• U.S. November CPI data is due on Thursday, with analysts forecasting a 0.3% month-on-month rise and a 3.1% increase year-on-year, a key input for near-term Fed expectations..

•  On the domestic front, New Zealand is due to release its third-quarter GDP data on Thursday, offering fresh insight into the pace and momentum of the country’s economic growth..

• New Zealand GDP (Q3) is expected to have grown 0.8%, double the pace projected by the RBNZ in its November statement; the report is due on Dec. 18.

 •  Immediate resistance is located at 0.5829(23.6%fib), any close above will push the pair towards 0.5874(Higher BB).

•  Support is seen at 0.5758 (38.2%fib) and break below could take the pair towards 0.5737(SMA 20).

 Recommendation: Good to sell around 0.5780, with stop loss of 0.5850 and target price of 0.5720