NZD/USD technical analysis: Under pressure with head-and-shoulders breakdown on 1H

• 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

Trend: Bearish

Technical levels