FxWirePro: NZD/USD under pressure after early buying dries up

• NZD/USD   eased on Tuesday as investors assess the economic fallout from the U.S.–Iran conflict and potential policy responses.

• Markets grew uneasy after U.S. allies declined to send warships through the Strait of Hormuz, dampening hopes of smoother energy flows.

• Rising oil prices from the U.S.–Israel conflict with Iran have boosted inflation fears, driving a global rate repricing and strengthening the U.S. dollar..

•New Zealand   heavy reliance on imported energy makes its economy vulnerable to global oil price shocks

• Investors are now awaiting the Q4 GDP data due this week, which could further cloud the outlook as growth is expected to slow sharply on a quarterly basis.

•  Immediate resistance is located at 0.5873(50%fib), any close above will push the pair towards 0.5929(SMA 20).

•Support is seen at 0.5809(Lower BB) and break below could take the pair towards 0.5778(38.2%fib).

 Recommendation: Good to sell around 0.5830 with stop loss of 0.5900 and target price of 0.5770