NZD/USD Technical Analysis: Bulls need progress soon

• In the last 24 hours, the NZD/USD pair failed twice to capitalize on the inverse head-and-shoulders breakout and has established a lower highs pattern on the hourly chart.
• So, the ascending trendline support of 0.6566 could soon be put to test. Acceptance below that level would further embolden the bears.
• The bulls need a quick move above 0.6608 (previous day’s high).

Hourly Chart

Spot Rate: 0.6580

Daily High: 0.6598

Daily Low: 0.6573

Trend: Neutral

Resistance

R1: 0.6608 (previous day’s high)

R2: 0.6641 (61.8% Fib R of 0.6727/0.6501)

R3: 0.6675 (50-day moving average)

Support

S1: 0.6571 (5-day moving average)

S2: 0.6539 (Sept. 17 low)

S3: 0.6500 (psychological level)