NZD/USD Price Analysis: Formation of an Inverted H&S favors a solid upside NZDUSD Reversal ChartPatterns Fed SupportResistance
onday after failing to recapture the immediate resistance of 0.6280. Mixed responses to the interest rate policy of the Federal Reserve have shifted the major to the sideline.
NZD/USD is forming an Inverted Head and Shoulder chart pattern on a four-hour scale. The chart pattern displays a prolonged consolidation and results in a bullish reversal after a breakout of the neckline, which is plotted from the March 01 high at 0.6276. Meanwhile, the Relative Strength Index is making efforts in reclaiming the bullish range of 60.00-80.00. An occurrence of the same would solidify the Kiwi asset further.
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