FxWirePro: NZD/USD outlook weaker on renewed downside pressure

• NZD/USD continued to drop on Monday  as kiwi dollar was pressured by stronger dollar and a rise in U.S. Treasury yields.

• Data lined up for the week includes the U.S. employment report, job openings, and core Personal Consumption Expenditures (PCE) data, which are  vital for assessing the labormarket's health and inflation trends.

• The U.S. jobs report Friday could significantly impact Treasury and dollar. Unemployment is seen unchanged at 4.1% and non-farm payrolls up 123,000 versus a rise of 254,000 in September.
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• At (GMT 06:24 ) Kiwi dollar was trading at down  0.15 % at $0.5969 against the U.S. dollar. 

•  The technical outlook remains bearish and points to eventual bigger drop, fourteen-day momentum is negitive, reinforcing the scope for a bigger drop  .
 
•  Immediate resistance is located at 0.5985(Daily high), any close above will push the pair towards 0.6021(38.2%fib).

•  Support is seen at 0.6122 (23.6%fib) and break below could take the pair towards 0.5925(Lower BB).

 Recommendation: Good to sell around 0.5980, with stop loss of 0.6080 and target price of 0.6520