FxWirePro:NZD/USD treads water as Iran uncertainty keeps traders on edge

• NZD/USD  traded in narrow range on Thursday as investors treaded cautiously amid dizzying developments in the Middle East, where Iran said it would weigh a U.S. proposal to end the Gulf conflict.

•The widening war has jolted global markets, sending oil prices soaring, reigniting inflation fears and scrambling global rate expectations.

•The near month-long war triggered by joint U.S.–Israeli strikes on Iran in late February has effectively shut the Strait of Hormuz, a conduit for a fifth of global oil and liquefied natural gas flows.

•The disruption has sent prices surging above $100 per barrel. Brent crude futures were at $103.35 per barrel, up 1% on the day, and set for a 42% jump in the month.

•  Immediate resistance is located at 0.5827(50%fib), any close above will push the pair towards 0.5873(SMA 20).

•Support is seen at 0.5761(Lower BB) and break below could take the pair towards 0.5729(Lower BB).

 Recommendation: Good to sell around 0.5810 with stop loss of 0.5870 and target price of 0.5770