• NZD/USD traded in tight range on Wednesday as investors awaited more guidance on trade policies from President Trump’s administration.
• Trump proposed 25% tariffs on Mexico and Canada, 10% on China from Feb. 1, and promised duties on European imports, without further details.
• Looking ahead ,traders will monitor the US weekly initial jobless claims data, due out later on Thursday.
• The Reserve Bank of New Zealand meets on Feb. 19, with markets pricing in an 80% chance of a rate cut from 4.25% to 3.75%.
• At (GMT 05:59) Kiwi dollar was trading at up 0.01% to 0.5664 against the U.S. dollar.
• Immediate resistance is located at 0.5693(50%fib), any close above will push the pair towards 0.5702(Higher BB).
•Support is seen at 0.5625 (Jan 21st low) and break below could take the pair towards 0.5571(23.6%fib).
Recommendation: Good to sell around 0.5680 with stop loss of 0.5760 and target price of 0.5600
