FxWirePro: NZD/USD drifts lower , could be on verge of a bigger drop

• NZD/USD drifted lower on Friday as kiwi dollar was pressured  by rebounding US dollar.

• Dollar is gaining ground as investors shift their outlook, scaling back expectations for major rate cuts from the Federal Reserve and contemplating the likelihood of a second term for Republican Donald Trump.

.• On the data front ,Consumer confidence in New Zealand plummeted in October, even as the central bank significantly accelerated its interest rate cuts during the month.
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• Confidence dropped by 4 points in October from September, reaching a reading of 91.2 points. 

•  The technical outlook remains bearish and points to eventual bigger drop, fourteen-day momentum is negitive   .
 
•  Immediate resistance is located at 0.6018(Daily high), any close above will push the pair towards 0.6060(38.2%fib).

•  Support is seen at 0.5992(23.6%fib) and break below could take the pair towards 0.5927(Lower BB).

 Recommendation: Good to sell around 0.6000 with stop loss of 0.6080 and target price of 0.5900