FxWirePro:NZD/USD edges higher as kiwi firms on hawkish RBNZ outlook

• NZD/USD  edged higher on Thursday as Kiwi dollar was supported by hawkish expectation from Reserve Bank of New Zealand.

• New Zealand's annual inflation accelerated in the second quarter to a 2-1/2-year high, reinforcing expectations the central bank will raise the cash rate when it next meets in September.

•Data released by Statistics New Zealand on Tuesday ​showed annual inflation at 4.1%, above analysts' forecasts of 4.0% and the Reserve Bank of ​New Zealand's latest projection of 3.9% for the quarter.

• Reserve Bank of New Zealand raised ​the cash rate for the first time in three years to 2.50% earlier this month and signalled further tightening ‌ahead.

• On the Geopolitical front, U.S. launches fresh strikes on Iran as Houthis target two Saudi oil tankers, raising risks of further disruptions to global oil supplies.

•  Immediate resistance is located at 05859(50%fib), any close above will push the pair towards 0.5895(Higher BB).

•  Support is seen at 0.5775(61.8%fib)and break below could take the pair towards 0.5751(Lower BB).

 Recommendation: Good to sell around 0.5810  with stop loss of 0.5750 and target price of 0.5860