NZD/USD Price Analysis: Bulls eye a test of 06270

• NZD/USD bulls eye horizontal resistance and a test of 0.6270 that guards 0.6300. 
• The right-hand side of the inverse head and shoulders is underway.

NZD/USD is in the throes of completing the right-hand side of the inverse head and shoulders pattern as the following charts illustrate:

NZD/USD weekly chart

The price has been buried below trendline resistance and the neckline of the head and shoulders as per the weekly chart above. 

NZD/USD daily charts

The right-hand shoulder is being carved:

Breakout shorts were triggered into the market on a break of 0.6200 which leaves prospects of a short squeeze and completion of the lows in the right-hand shoulder. This leaves prospects of a move towards horizontal resistance and a test of 0.6270 that guards 0.6300.