FxWirePro: NZD/USD steadies around 0.5965,retains bid tone

• NZD/USD edged higher but gains were limited as amid reduced bets for an imminent rate hike from RBNZ.

• A mixed jobs report earlier in the week, which showed unemployment unexpectedly rising to a decade high even as employment growth exceeded forecasts, led markets to scale back expectations of a near-term interest rate hike..

• The rise in unemployment pushed up rate futures as markets scaled back bets on a hike in the 2.25% cash rate before September, with a quarter-point move then priced at around 78%.

• The Reserve Bank of New Zealand is scheduled to meet on February 18, marking the first policy meeting under its new governor, Anna Breman.

• Reserve Bank of New Zealand will also release updated economic and interest rate projections, with analysts closely watching whether it maintains mid-2027 as the expected timing for the first rate hike.

•  Immediate resistance is located at 0.6001(38.2%fib), any close above will push the pair towards 0.6052 (Feb 4th high).

•Support is seen at 0.5928 (50%fib) and break below could take the pair towards 0.5913(SMA 20).

 Recommendation: Good to buy around 0.5950 with stop loss of 0.5900 and target price of 0.5980