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FxWirePro: NZD/USD drops below 0.5600 level, heads deeper into bear territory

• NZD/USD drifted lower  on Friday as stronger US dollar and dovish expectation from RBNZ weighed on kiwi dollar.

• U.S. retail sales rose in December, signaling robust consumer demand and supporting expectations that the Federal Reserve will take a cautious approach to rate cuts this year.

• Looking ahead, investors are looking to Trump's inauguration speech on Monday for insights into his policy plans, with his proposed tariffs and tax policies expected to stimulate growth but also drive inflation..

• At (GMT 07:21) Kiwi dollar was trading at down  0.33% to 0.5588 against the U.S. dollar. 

•  Immediate resistance is located at 0.5622(50%fib), any close above will push the pair towards 0.5668(61.8%fib).

•Support is seen at 0.5583 (38.2%fib) and break below could take the pair towards 0.5556(Lower BB).

 Recommendation: Good to sell around 0.5620 with stop loss of 0.5680 and target price of 0.5550

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