NZD/USD Price Analysis: Bears break the neckline of H1 head and shoulders, 0.6420 eyed

NZD/USD is breaking to the downside and an H&S pattern.
There are prospects of a move to mitigate the price imbalance between there and the old swing highs near 0.6420.

Ross J Burland FXStreet

As per the prior analysis, NZD/USD Price Analysis: The bears are taking over and trying to move towards a 50% mean reversion, the price did indeed meet the 50% ratio target but this proved to be a firm support area from which the bulls in from. However, there are prospects of a move to the downside from the topping pattern since made in the same time frame.

NZD/USD H1 prior analysis

NZD/USD H1 live chart

The price has moved created a head and shoulders topping formation on the hourly chart and has breached the neckline/support zone in recent trade. The bears are taking over control. A restest of the support zone would be typical at this stage and if it holds, there would be prospects of a move to mitigate the price imbalance between there and the old swing highs near 0.6420.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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