- NZD/USD’s hourly chart shows a head-and-shoulders breakdown.
- Key moving averages have produced a bearish crossover.
- The pair risks falling to the 200-hour moving average support.
The NZD/USD pair is currently trading at 0.6374, representing a 0.14% loss on the day, and could remain under pressure during the day ahead, as an intraday chart is reporting a bearish setup.
The hourly chart shows a head-and-shoulders breakdown. The bearish reversal pattern has opened the doors for 0.6338 (target as per the measured move method).
Further, the 50- and 100-hour moving averages (MAs) have produced a bearish crossover.
The pair, therefore, risks falling to the 200-hour MA line, currently located at 0.6358. The bearish case would be invalidated above 0.6387 (neckline resistance).
Daily chart
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Trend: Bearish
Technical levels
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