FxWirePro: NZD/USD poised for further downside ,eyes 0.5700 level

• The NZD/USD slipped lower on Friday  as dollar rose amid bets that the Federal Reserve would cut interest rates next week.

• Expectations of a substantial rate cut from the Reserve Bank of New Zealand further weighed on the Kiwi dollar.

• The Reserve Bank of New Zealand is already into its easing cycle, with markets indicating a 66% possibility of another 50 basis points cut at its next meeting in February.

• The Kiwi dollar, often used as a proxy for China's currency, fell to $0.5756, reaching a two-year low.

•  Immediate resistance is located at 0.5784(38.2%fib), any close above will push the pair towards 0.5810(50%fib).

•  Support is seen at 0.5756 (23.6%fib) and break below could take the pair towards 0.5738(Lower BB).

 Recommendation: Good to sell around 0.5780, with stop loss of 0.5850 and target price of 0.5700