FxWirePro: NZD/USD stuck in range but maintains bearish bias

• NZD/USD steady around $0.6138 on Thursday as investors digested  mixed U.S. consumer inflation report that reinforced expectations of a smaller rate cut by the Fed next week.

• The Reserve Bank of New Zealand is scheduled to meet on October 9, with economists expecting a 25 basis point cut. However, markets suggest a small possibility of a 50 basis point reduction.

.• On the data front, Food prices in New Zealand increased by 0.4% year-on-year in August. On a monthly basis, they rose by 0.2%, a slowdown from the 0.6% gain observed in July, according to Statistics New Zealand.
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• At (GMT 03:30) Kiwi dollar was trading at up 0.02 % at $0.6138 against the U.S. dollar. 

•  Immediate resistance is located at 0.6173(38.2%fib), any close above will push the pair towards 0.6214(Sep 4th high).

•  Support is seen at 0.6113(50%fib) and break below could take the pair towards 0.6050(61.8%fib).

 Recommendation: Good to sell around 0.6140 with stop loss of 0.6200 and target price of 0.6060