FxWirePro: NZD/USD positions for another drop, eyes 0.5800 level

• NZD/USD held near three month low    on Monday as kiwi dollar remained under pressure from stronger greenback   .

•On the data front, New Zealand's producer output prices climbed by 1.5% compared to the same period last year and 1.9% from the previous quarter in the three months through September.

• Looking ahead financial markets will focus on comments from major central bank officials and incoming U.S. President Donald Trump's plans for tariffs, immigration, and tax cuts, which have implications for inflation and Federal Reserve monetary policy.
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• At (GMT 04:55) Kiwi dollar was trading at down 0.09 % at $0.5861 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 0.5907(38.2%fib), any close above will push the pair towards 0.5920(SMA9).

•  Support is seen at 0.5844(23.6%fib) and break below could take the pair towards 0.5811 (Oct23 2023 low).

 Recommendation: Good to sell around 0.5870 with stop loss of 0.5950 and target price of 0.5800