FxWirePro: NZD/USD bears maintain upper hand

• NZD/USD edged lower on Thursday as weak New Zealand macroeconomic outlook kept bearish pressure on kiwi dollar.

•Data last week showed , New Zealand's jobless rate rose to 5.3% in the third quarter, its highest level since 2016, as employment remained unchanged

•  New Zealand’s weakening economic outlook is fueling fresh speculation that the Reserve Bank of New Zealand (RBNZ) may lower interest rates.

• The possibility of aggressive rate cuts is weighing on the New Zealand dollar, which is now nearing a full reversal of its gains against the US dollar for the year.

• The market is still pricing a 91% probability of a 25 bps cut at the upcoming meeting given lack of improvements in the economic data.

 •  Immediate resistance is located at 0.5672(50%fib), any close above will push the pair towards 0.5709(SMA 20).

•  Support is seen at 0.5593(38.2%fib) and break below could take the pair towards 0.5587 (Lower BB).

 Recommendation: Good to sell around 0.5670, with stop loss of 0.5750 and target price of 0.5600