FxWirePro:NZD/USD drifts lower, could be on verge of bigger drop

• NZD/USD   eased on Thursday  as traders digest ongoing geopolitical developments and assess their impact on risk sentiment.

•U.S. President Donald Trump   said in a prime-time address that the U.S. would hit Iran "extremely hard" within weeks, claiming military goals were nearly achieved and the conflict was close to ending.

• In the immediate aftermath of the speech, however, investors were back to selling almost everything except the U.S. dollar and sending oil prices higher..

• Commodity currencies like the NZD remain largely influenced by news flow from the Middle East. This factor continues to cap any strong rallies, leaving the broader downtrend intact.

 • All eyes are on the March U.S. Non-Farm Payrolls report due Friday, with a Reuters poll consensus of +60k. The outcome is expected to significantly influence risk appetite and the direction of commodity-linked currencies, including the NZD.

•  Immediate resistance is located at 0.5756(Daily high), any close above will push the pair towards 0.5805(50%fib).

•Support is seen at 0.5702(38.2%fib) and break below could take the pair towards 0.5651(Lower BB).

 Recommendation: Good to sell around 0.5720 with stop loss of 0.5760  and target price of 0.5660