FxWirePro: NZD/USD trades in narrow range ,outlook bullish

NZD/USD traded in narrow range on Thursday as investors cautious escalation in Middle East hostilities. U.S. forces attacked Irans coastal military defences and missile installations on Wednesday after reinstating a...

• NZD/USD traded in narrow range on Thursday as investors cautious escalation in Middle East hostilities. •U.S. forces attacked Iran's coastal military defences and missile installations on Wednesday after reinstating a naval blockade. In response, Iran warned of further disruptions to regional energy exports, characterizing the conflict as an "existential war" with America.

• Escalating hostilities between the U.S. and Iran kept oil prices near one-month highs, sustaining pressure on the inflation outlook. •

Oil prices climbed for a fourth straight session on Thursday, with Brent crude hovering near a one-month high of $85.28 a barrel. • Immediate resistance is located at 0.5893(38.2%fib), any close above will push the pair towards 0.5936 (June 2nd high).

• Support is seen at 0.5814(50%fib)and break below could take the pair towards 0.5740 (61.8%fib). Recommendation: Good to buy around 0.5840 with stop loss of 0.5760and target price of 0.5890