NZD/USD – H&S breakdown but loss of momentum

Despite the head and shoulder breakdown, the loss of momentum is likely as the intraday indicators are oversold, thus a sideways action around the neckline level of 0.7065 could be seen before the sell-off unfolds.

Bearish invalidation is see only if prices retake the rising trend line and the daily RSI moves back above 50.00 levels.