FxWirePro:NZD/USD edges lower, bearish outlook persists

• NZD/USD  edged lower on Wednesday  as the ongoing war in Iran continued to stoke concerns over global energy supplies, weighing on risk sentiment.

• On the ground U.S., Israeli and Iranian strikes have continued and sources said Washington was preparing to send more troops to the region.

• Markets have reacted positively, albeit cautiously, to reports since Monday that the U.S. is seeking an end to hostilities. Uncertainty remains, however, over the timeline for reopening the Strait of Hormuz to oil tankers, leaving investors wary about the pace of tangible progress.

• Reserve Bank of New Zealand will have to tighten this year, but have scaled back bets on an early move following cautious comments from RBNZ Governor Anna Breman.

•Pricing for May implies a 44% chance of a quarter point hike in the 2.25% cash rate, compared to 68% at the start of the week. An increase is still almost fully priced for July and rates are seen ending the year at 3.0%..

•  Immediate resistance is located at 0.5835(50%fib), any close above will push the pair towards 0.5882(SMA 20).

•Support is seen at 0.5796(March 24th low) and break below could take the pair towards 0.5747(Lower BB).

 Recommendation: Good to sell around 0.5840 with stop loss of 0.5900 and target price of 0.5770