• NZD/USD hovered near a two-month low as the New Zealand dollar remained under pressure from the strength of the US dollar.
•Dollar firmed data showed U.S. retail sales growth was higher than expected and the ECB cut interest rates by 25 basis points.
• New Zealand soft inflation readings this week raised the prospects of even larger rate cuts by the Reserve Bank of New Zealand.
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• At (GMT 04:42) Kiwi dollar was trading at up 0.01 % at $0.6060 against the U.S. dollar.
• The technical outlook remains bearish and points to eventual bigger gains, Fourteen-day momentum is negative, reinforcing the scope for a bigger gains .
• Immediate resistance is located at 0.6084(5SMA), any close above will push the pair towards 0.6114(38.2%fib).
•Support is seen at 0.6053 (23.6%fib) and break below could take the pair towards 0.6000 (Psychological level ).
Recommendation: Good to sell around 0.6080, with stop loss of 0.6150 and target price of 0.6000
