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NZD/USD - H&S and a Broken Trendline

Quick look a the NZD/USD 4H Chart:


(click to enlarge)

The 4H chart shows that the NZD/USD was forming a head and shoulders pattern last week. Today, price broke below the topping pattern, and broke below February's rising trendline. 

This signals a bearish outlook with the 0.7324 support pivot and the 0.7176 low on the year in sight. Now if there is a pullback, we should expect resistance around 0.75 or just above it. If price comes back down below 0.75, we have respect for the H&S top and the market would look bearish. A break above and hold above 0.75 however might reflect continuation of the bullish correction mode. 

In the daily chart, we can see that there is not much more room to the upside before NZD/USD is challenged by the previous support area of a multi-month consolidation as support. Also note that the 50-day SMA resides around 0.76 and the 100-day SMA resides around 0.77, making this 0.76-0.77 area a key resistance.

NZD/USD Daily Chart 2/24
(click to enlarge)