FxWirePro:NZD/USD bulls struggles as upside momentum fades

• NZD/USD   eased slightly   on Tuesday  as traders focused on this week's upcoming meeting of the U.S. Federal Reserve for clues to the path of interest rate policy.

• Federal Reserve policymakers meet in Washington this week for a gathering that could mark Jerome Powell’s final stint as Fed Chair, with the rate decision scheduled for Wednesday..

•Markets expect the Fed to keep rates unchanged, with investors looking for clearer guidance from Powell’s tone on the future path of rates after he steps down.

•Meanwhile,  Markets are leaning toward a quarter-point rate hike from the Reserve Bank of New Zealand in May, with around a 63% probability priced in following last week’s strong inflation reading.

•  Immediate resistance is located at 0.5922(50%fib), any close above will push the pair towards 0.5978(Higher BB).

•Support is seen at 0.5850 (61.8%%fib) and break below could take the pair towards 0.5842(SMA20).

 Recommendation: Good to buy around 0.5860 with stop loss of 0.5800  and target price of 0.5950