FxWirePro: NZD/USD drops below 0.5900 level, heads deeper into bear territory

• NZD/USD hit fresh  three month low   on Wednesday as kiwi dollar was pressured by surging  greenback  triggered by Donald Trump's election victory.

•Later in the day, Fed Chair Jerome Powell will appear in Dallas after digesting the U.S. October producer price report, which will be released shortly before.

•The Reserve Bank of New Zealand's conviction that inflation is under control was reinforced by the country's generally muted pricing data issued on Thursday, with food prices in particular dropping 0.9% in October.
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• At (GMT 05:15) Kiwi dollar was trading at up 0.22 % at $0.5866 against the U.S. dollar. 

•  The technical outlook remains bearish and points to eventual bigger drop, fourteen-day momentum is negitive.
 
•  Immediate resistance is located at 0.5884(Daily high), any close above will push the pair towards 0.5928(38.2%fib).

•  Support is seen at 0.5857(23.6%fib) and break below could take the pair towards 0.5831 (Lower BB).

 Recommendation: Good to sell around 0.5870 with stop loss of 0.5950and target price of 0.5830