FxWirePro: NZD/USD extends losing run, eyes 0.5600 level

• NZD/USD extended  its losing streak to an eighth consecutive session as the New Zealand dollar remained under pressure despite the Reserve Bank of New Zealand's hawkish policy stance.

• Markets continue to expect the RBNZ to tighten policy further, with interest rate futures pricing in a 64.4% probability of a rate hike at the July 8 meeting, but the prospect has so far failed to provide meaningful support to the kiwi..
• Broader market sentiment remained cautious after renewed geopolitical tensions in the Middle East, with evacuation efforts through the Strait of Hormuz reportedly paused following an Iranian attack on a cargo ship.

• U.S. inflation reading met forecasts and traders trimmed bets for a rate hike from the Federal Reserve in September.

• Separate data also showed the U.S. economy grew faster than previously estimated in the first quarter thanks to a downward revision to imports, but consumer spending almost stalled.

•  Immediate resistance is located at 0.5679(38.2%fib), any close above will push the pair towards 0.5767(50%fib).

•  Support is seen at 0.5618(Lower BB) and break below could take the pair towards 0.5585(Lower BB).

 Recommendation: Good to sell around 0.5650 with stop loss of 0.5730 and target price of 0.5600