NZD/USD is likely to correct a portion of the downside, holding at support. Bears will be waiting patiently for the next downside confirmation. NZD/USD is playing out in the makings of a reverse head and shoulders on the monthly time frame. In the meantime, the bulls have an opportunity to clean up some of the destruction left behind by the bears in the latest sell-off to support structure. The following is a top-down analysis of the monthly, weekly and daily chart which illustrates the various compelling patterns and markets structures. Monthly reverse head and shoulders in the making Weekly support and resistances The weekly chart offers a triple top scenario with the makings of a head and shoulders and the case for the downside once the bulls complete the correction to the shown resistance structure. 4-hour chart Bulls will be looking to the lower time frames, such as the 4-hour charts, in order to take advantage of any progress to the upside. However, the bears will have bigger fish to fry if the upside target is achieved where there is a more compelling case for the downside in the reverse head and shoulders pattern on the monthly chart. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Theta price analysis: THETA reaches all-time high levels and may face bearish correction FX Street 2 years NZD/USD is likely to correct a portion of the downside, holding at support. Bears will be waiting patiently for the next downside confirmation. NZD/USD is playing out in the makings of a reverse head and shoulders on the monthly time frame. In the meantime, the bulls have an opportunity to clean up some of the destruction left behind by the bears in the latest sell-off to support structure. The following is a top-down analysis of the monthly, weekly and daily chart which illustrates the various compelling patterns and markets structures. Monthly reverse head and shoulders in the making Weekly support… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.