• NZD/USD steadied on Tuesday as market focused on the outcome of the U.S.-China trade talks.
• Markets remain focused on developments in London, where U.S. and Chinese officials are engaged in talks to ease trade tensions between the world’s two biggest economies.
• The U.S.-China meeting is expected to stretch into a second day on Tuesday, as analysts point out that despite reduced headline risks, deeper trade tensions and unresolved issues still pose challenges.
• In the absence of major local events, New Zealand’s currency is set to be guided by movements in the U.S. dollar.
• Meanwhile, the U.S. May inflation report will be in focus later this week, as investors and Fed officials look for signs of how trade restrictions are affecting the economy.
•At GMT 07:11, the New Zealand dollar was trading up 0.08% at 0.6051 against greenback .
• Immediate resistance is located at 0.6079(23.6%fib), any close above will push the pair towards 0.6109 (Higher BB).
• Support is seen at 0.5993(38.2%fib)and break below could take the pair towards 0.5920(38.2%fib).
Recommendation: Good to buy around 0.6020 with stop loss of 0.5930 and target price of 0.6100
