• NZD/USD dipped on Wednesday as kiwi dollar was hit by risk-off sentiment and lower commodities prices.
• Oil plummeted 5% overnight, and iron ore futures experienced their biggest one-day drop in nearly two years.
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• At (GMT 03:25) Kiwi dollar was trading at down 0.14 % at $0.6178 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 0.6223(38.2%fib), any close above will push the pair towards 0.6261 (Aug 28th high).
• Support is seen at 0.6171 (50%fib) and break below could take the pair towards 0.6117(61.8%fib).
Recommendation: Good to sell around 0.6180 with stop loss of 0.6250 and target price of 0.6110
