FxWirePro: NZD/USD struggle to extend its recovery, good to sell on rally

• NZD/USD edged higher   on Monday but gains were limited as China stimulus support measures continued to disappoint  investors.

.• China unveiled a 10 trillion yuan ($1.40 trillion) debt package on Friday to ease local government financing strains and stabilise flagging economic growth, as it faces fresh pressure from the re-election of Donald Trump as U.S. president.

.• Disappointment at the latest package had seen the   New Zealand dollars slide on Friday as New Zealand is exporters to China.

• At (GMT 07:14) Kiwi dollar was trading at up 0.07% at 0.5972 against the U.S. dollar. 

•  The technical outlook remains bullish and points to eventual bigger gains, Fourteen-day momentum is positive, reinforcing the scope for a bigger gains  .
 
•  Immediate resistance is located at 0.6000(Psychological level), any close above will push the pair towards 0.6034(38.2%fib).

•Support is seen at 0.5945 (23.6%fib) and break below could take the pair towards 0.5927 (Lower BB).

 Recommendation: Good to sell  around 0.6000, with stop loss of 0.6120 and target price of 0.5930