• NZD/USD continued to drop on Wednesday as US dollar firmed on rising expectations of a Donald Trump victory in the upcoming presidential election.
• Investors face a packed calendar on Wednesday, featuring the UK budget, a U.S. private payrolls report, and growth figures for the U.S. and several major European economies.
• At (GMT 06:12 ) Kiwi dollar was trading at down 0.19 % at $0.5961 against the U.S. dollar. It has lost almost 6% so far in October.
• The technical outlook remains bearish and points to eventual bigger drop, fourteen-day momentum is negitive, reinforcing the scope for a bigger drop .
• Immediate resistance is located at 0.5981(5SMA), any close above will push the pair towards 0.6003(38.2%fib).
• Support is seen at 0.5949 (23.6%fib) and break below could take the pair towards 0.5915(Ag 6th low).
Recommendation: Good to sell around 0.5960, with stop loss of 0.6050 and target price of 0.5880
