NZD/USD technical analysis: Forming an inverse Head-and-Shoulders
|- NZD/USD is creating a bullish reversal pattern on the hourly chart.
- A move above 0.6547 is needed to confirm a breakout.
The NZD/USD pair is mildly bid this Tuesday morning in Asia and appears to be creating an inverse head-and-shoulders bullish reversal pattern with the neckline resistance at 0.6547.
An hourly close above that level would confirm a breakout and open the doors to 0.6580 (target as per the measured move method).
However, a rejection at the neckline resistance followed by a move below 0.6529 would shift risk in favor of a drop to levels below 0.65.
Hourly chart
Trend: Bullish above 0.6547
Pivot points
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