NZD/USD technical analysis: Struggle for convincing break above 21-day MA continues

• NZD/USD's corrective rally has stalled at the 21-day MA hurdle since Oct. 4. 
• The 4-hour chart shows an inverse head-and-shoulders pattern. 
• A break above 0.6337 would confirm an inverse head-and-shoulders breakout. 

The NZD/USD pair is currently chipping away at the 21-day moving average (MA) resistance at 0.6311. 

The MA hurdle first came into play on Oct. 4 and has proved a tough nut to crack ever since. The pair has failed twice in the last three days to close above the 21-day MA. 

Hence, it is a level to beat for the bulls. A daily close above the 21-day MA would imply a continuation of the rally from recent lows near 0.62 and expose the next resistance at 0.6451 (Sept. 9 high). 

Also, as per the 4-hour chart, the pair has created an inverse head-and-shoulders pattern with the neckline resistance at 0.6337. Acceptance above that level would confirm bullish reversal and create room for a rally to 0.6470.

Daily chart

4-hour chart

Trend: Bullish above 0.6337

Technical levels