Yellow line -neckline resistance
In a previous analysis we noted the inverted head and shoulders pattern in NZDUSD. Price tried to break above the neckline resistance and activate the inverted head and shoulders pattern. Price got rejected. Price remains below the resistance neckline. There is no bullish signal yet. Resistance at 0.6265 remains key. Price formed a higher low at 0.6223. A break below this level will bring more selling pressures and price could decline towards 0.6150. Bulls need to see price break above the neckline in order to get the bullish signal.
