FxWirePro: NZD/USD hovers near one-year low, scope for further downside

• NZD/USD hovered close to a one-year low on Wednesday ahead of a highly anticipated reading of U.S. inflation that could provide clues on the pace of Federal Reserve interest rate cuts.

• Economists expect both headline and core consumer prices to have risen 0.3% in November, from previous increases of 0.2% and 0.3%, respectively.

• Investors will also watch headlines from China's closed-door Central Economic Work Conference, which runs this week.

•At GMT 06.11,the kiwi dollar was down 0.12% at 0.5792 against greenback , a level not seen since November of last year.
 
•  Immediate resistance is located at 0.5871(38.2%fib), any close above will push the pair towards 0.5888(Dec 9th high).

•  Support is seen at 0.5783(23.6%fib) and break below could take the pair towards 0.5766(Lower BB).

 Recommendation: Good to sell around 0.5800, with stop loss of 0.5900 and target price of 0.5730