• NZD/USD bears need a break of support to target 0.5800.
• The bulls remain on the front side of key trendline support. 

NZD/USD has found a bid on the day so far with the US dollar ebbing ahead of the Federal Reserve and following a mixed New Zealand jobs report. As the following will show, the price is climbing a daily trendline, but the W-formation on the weekly chart is troublesome.

NZD/USD weekly chart

The formation is a reversion pattern that would be expected to see the price correction back into the neckline, but this may be a premature assumption.Meanwhile, the price is climbing a daily support line as follows:

The hourly picture shows the price balanced on a key hourly support structure:

A break here opens risk to the trendline with 0.5800 the figure on the cards. On the upside,  0.5900 is the price to get over.