• The New Zealand dollar held steady around 0.5980 on Tuesday as market participants focus shifted to the upcoming U.S. monetary policy meeting and New Zealand employment data.
• The Federal Reserve is widely anticipated to maintain interest rates at current levels. Market participants will closely watch for indications regarding the timing of the next move, currently expected in July.
• New Zealand is scheduled to release its quarterly employment report on Wednesday, with forecasts anticipating a rise in the unemployment rate to 5.3%, up from 5.1% in the previous quarter.
• In addition, the Reserve Bank of New Zealand will publish its twice-yearly Financial Stability Report on Wednesday.
• Immediate resistance is located at 0.6038(23.6%fib), any close above will push the pair towards 0.6087 (Higher BB).
• Support is seen at 0.5939 (38.2%fib) and break below could take the pair towards 0.5897(May 5th low).
Recommendation: Good to buy around 0.5970 with stop loss of 0.5900 and target price of 0.6050
