FxWirePro: NZD/USD gains slightly but bearish outlook remains

• NZD/USD edged higher   on Tuesday as investor sentiment improved following signs that fears of a broader escalation in the Middle East had eased.

•Diplomatic pressure from the United States on Iran and Israel to halt attacks has had some success, although tensions remain elevated after Yemen's Houthi rebels threatened to disrupt Israeli maritime traffic in the Red Sea.

•Domestic data also provided support for the kiwi. New Zealand's manufacturing sales increased 3.6% in the first quarter, driven by a 6.6% surge in dairy and meat exports, highlighting resilience in the country's key export sectors.

• Investors are awaiting China's May trade data due later on Tuesday, with a Reuters poll forecasting a trade surplus of $92.1 billion. Given New Zealand's close trade ties with China, the figures could influence near-term direction for the kiwi.

• Immediate resistance is located at 0.5834(June 8th high), any close above will push the pair towards 0.5875(50%fib).

•  Support is seen at 0.5782(61.8%fib)and break below could take the pair towards 0.5751(Lower BB).

 Recommendation: Good to sell around 0.5830 with stop loss of 0.5870  and target price of 0.5750