NZD/USD Price Analysis: Bullish to test 0.6270

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  • NZD/USD bulls eye horizontal resistance and a test of 0.6270 keeping an eye on 0.6300.
  • The right side of the reverse head and shoulder pattern is underway.

He NZD/USD is in the middle of completing the right side of the reverse head and shoulders pattern, as the following charts illustrate:

NZD/USD weekly chart

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The price has buried below the trend line resistance and the neckline of the head and shoulders pattern as on the previous weekly chart.

NZD/USD daily chart

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The right shoulder is being carved:

Breakout shorts have been activated in the market after the break of 0.6200, which leaves prospects for a compression of shorts and the completion of the lows at the right shoulder. This leaves prospects for a move towards horizontal resistance and a test of 0.6270 protecting 0.6300.

Source: Fx Street

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