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.

Omkar Godbole FXStreet Contributor

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

1. R3 0.6578
2. R2 0.6563
3. R1 0.6551
PP 0.6536
1. S1 0.6524
2. S2 0.6509
3. S3 0.6497

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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