FxWirePro: NZD/USD falls below 0.5600 level, bears keep the advantage

• NZD/USD drifted lower on Tuesday  as dollar firmed broadly   after U.S. tariffs on Chinese goods took effect.

• Trump warned of higher tariffs on China unless Beijing stopped the flow of fentanyl, a deadly opioid, into the U.S.

• China quickly imposed tariffs on U.S. imports in response to new U.S. duties, reigniting the trade war as Trump sought to punish China for not halting the flow of illicit drugs.

• At (GMT 06:27) Kiwi dollar was trading at down  0.62% to 0.5592 against the U.S. dollar. 

•  Immediate resistance is located at 0.5592(38.2%fib), any close above will push the pair towards 0.5635(50%fib).

•Support is seen at 0.5578 (38.2%fib) and break below could take the pair towards 0.5504(23.6%fib).

 Recommendation: Good to sell around 0.5600 with stop loss of 0.5680 and target price of 0.5500