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FxWirePro: NZD/USD edges up, remains on front foot

• NZD/USD firmed on Friday   as US dollar weakened  ahead of upcoming inflation data that could shape Federal Reserve policy expectations.

• January’s PPI is expected to show wholesale inflation easing to 0.3% month-on-month from 0.5% in December.

• Data released Thursday showed both initial and continuing jobless claims were below forecasts, signaling a stable U.S. labor market and continued worker retention by employers.

•  Hawkish expectations for the Reserve Bank of New Zealand have faded after Governor Anna Breman said last week that the economy can keep expanding without reigniting inflation.

•  Immediate resistance is located at 0.5993(38.2%fib), any close above will push the pair towards 0.6008(SMA 20).

• Support is seen at 0.5941 (Lower BB) and break below could take the pair towards 0.5920(50%fib).

 Recommendation: Good to buy  around 0.5980 with stop loss of 0.5900 and target price of 0.6100

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