FxWirePro: NZD/USD bearish bias intact, eyes 0.5500 level

• NZD/USD remained defensive on Thursday as jitters in European debt markets benefited the super-liquid greenback

.•Minutes of the Federal Reserve's last meeting released on Wednesday showed "most" members considered another rate hike likely by year end, though they would approach each meeting with an open mind.

•Markets imply just a 19% chance the Fed will move again this month, but are 80% priced for a rise in December.

•The Reserve Bank of New Zealand (RBNZ) recently raised its official cash rate by 25 basis points to 2.75%, marking its second consecutive rate increase. 

•Investors closely watching the RBNZ's upcoming policy decision scheduled for October 28.

•  Immediate resistance is located at 0.5605 (SMA 20), any close above will push the pair towards 0.5619(50%fib).

•  Support is seen at 0.5583 (23.6%fib) and break below could take the pair towards 0.5577(Lower BB).

 Recommendation: Good to sell around 0.5600  with stop loss of 0.5720 and target price of 0.5500