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  • The NZD/USD has created an inverse head-and-shoulders pattern on the hourly chart. The first attempt to scale the neckline hurdle failed yesterday, still, the pattern is valid as the pair is holding well above the rising trendline.
  • Acceptance above the neckline, currently seen at 0.6590 would confirm a short-term bearish-to-bullish trend change and could yield 0.6690 (target as per the measured height method).
  • The pattern would become invalid if the pair drops below the ascending trendline.

Hourly chart

Spot Rate: 0.6592

Daily High: 0.6596

Daily Low: 0.6562

Trend: Bullish

Resistance

R1: 0.6598 (daily pivot R1)

R2: 0.6679 (50-day moving average)

R3: 0.67 (psychological hurdle)

Support

S1: 0.6570 (50-hour moving average)

S2: 0.6555 (200-hour moving average)

S3: 0.6546 (daily pivot S1)

Expert score

5

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