NZD/USD Price Analysis: Closing on key trendline support after rejection above Tuesday's high

• NZD/USD is approaching four-month ascending trendline support. 
• Acceptance below the rising trendline would expose support located at 0.6466.

Having faced rejection just above Tuesday's high of 0.6550 in early Asia, the NZD/USD pair is now fast approaching the support of the trendline trending north from Oct. 1 and Nov. 13 lows. 

At press time, the trendline support is located at 0.6532 and the pair is trading at 0.6537. 

If the trendline support absorbs selling pressure, bulls might breathe a sigh of relief and another attempt higher could be initiated targeting resistance at 0.6550. A daily close above that level would confirm a bullish hammer reversal pattern (Kiwi created bull hammer on Tuesday). 

On the other hand, if the trendline support is breached, the downward momentum could gather pace, yielding a quick drop to 0.6466 (Nov. 4 high). 

Daily chart

Trend: Bearish

Technical levels