FxWirePro: NZD/USD uptrend loses momentum but bullish setup remains

• NZD/USD edged lower on Tuesday  as investors were cautious ahead of  slate of economic data that is expected to shape the path ahead for US interest rates.

• Investor attention this week will be on the monthly reports covering U.S. employment and consumer prices that were pushed back slightly due to a recent three-day government shutdown.

•White House adviser Kevin Hassett said U.S. job growth may slow due to weaker labour force growth and higher productivity, as investors assess whether labour market weakness has eased.

• Traders still expect two Fed rate cuts this year, starting in June, but remain cautious after Kevin Warsh’s nomination to succeed Jerome Powell as chair.

•  Immediate resistance is located at 0.6117(23.6%fib), any close above will push the pair towards 0.6166(Higher BB).

•Support is seen at 0.5973 (38.2%fib) and break below could take the pair towards 0.5947(SMA 20).

 Recommendation: Good to buy around 0.6020 with stop loss of 0.5900 and target price of 0.6100