FxWirePro:NZD/USD neutral in the near-term, scope for downward resumption

• NZD/USD trimmed sharp weekly losses on Friday as investors digested Federal Reserve Chair Jerome Powell  comments and mixed Chinese economic data.

•Data on Friday showed ,China’s retail sales handily outpaced forecasts, but industrial output and property activity disappointed hopes that stimulus measures were finally working.

•Overnight, U.S. Federal Reserve Chair Jerome Powell said the central bank was not in a hurry to cut interest rates, indicating borrowing costs may remain higher for longer

• The Reserve Bank of New Zealand is still expected to cut rates by 50 basis points to 4.25% at its next meeting on Nov. 27, though markets now anticipate the rate-cutting cycle to end around 3.5% instead of 3.0%.
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• At (GMT 06:38) Kiwi dollar was trading at up 0.19 % at $0.5860 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 0.5889(Nov 14th high), any close above will push the pair towards 0.5929(38.2%fib).

•  Support is seen at 0.5841(23.6%fib) and break below could take the pair towards 0.5813(Lower BB).

 Recommendation: Good to sell around 0.5870 with stop loss of 0.5950and target price of 0.5830