• NZD/USD initially dipped but recovered some ground on Wednesday as investors digested New Zealand annual inflation data .
• New Zealand's consumer price index (CPI) rose by 0.6% in the third quarter, falling short of expectations of a 0.7% increase.
• Annual inflation also fell to 2.2% from 3.3% the previous quarter, returning to the central bank's goal range of 1-3%.
• The kiwi dollar was down 0.28% at $0.6066 after daily low at 0.6043.
• Immediate resistance is located at 0.6104(38.2%fib), any close above will push the pair towards 0.6117 (Oct 11th high).
• Support is seen at 0.6049 (38.2%fib) and break below could take the pair towards 0.6019(Lower BB).
Recommendation: Good to sell around 0.6080 with stop loss of 0.6180 and target price of 0.6000
