FxWirePro: NZD/USD gaining momentum for a move towards 0.6000 level

• NZD/USD strengthened on Wednesday as concerns over the U.S. economy and fiscal outlook weakened the U.S. dollar.

• On Tuesday, Trump urged Republicans in Congress to unite behind a comprehensive tax-cut bill but struggled to win over a few holdouts who could still block the legislation, which covers much of his domestic agenda.

• Traders remained cautious amid speculation that U.S. officials might be aiming for a weaker dollar during the ongoing Group of Seven finance ministers’ meetings in Canada.

• On the data front, New Zealand’s trade surplus surged to NZ$1.43 billion in April, driven by strong dairy and fruit export growth, Stats NZ reported.

• At GMT 05:34, the New Zealand dollar was up 0.55% to 0.5912 against the   dollar.

•  Immediate resistance is located at 0.5960(38.2%fib), any close above will push the pair towards 0.6013 (Higher BB).

•  Support is seen at 0.5886(50%fib) and break below could take the pair towards 0.5857(Lower BB).

 Recommendation: Good to buy around 0.5930 with stop loss of 0.5820 and target price of 0.6000