The NZD/USD is forming a on a .
The head of the pattern is itself a formed on a historical resistance line.
The right shoulder is currently at its completion point and there are signs that prove is starting to reverse.
More on that in the link below.
If the pattern is completed, price could move lower to around 0.6220.
Moreover, the is loosing momentum while that pattern is forming - a strong signal.
It seems that A LOT of signals are pointing towards the depreciation of the NZD against the USD
I agree, it is not a normal Head and Shoulders. But, the overall idea of the pattern is similar in essence.
Regarding the trend:
1. I would argue that currently there is no trend. You do not have higher highs or lower lows - so the trend is sideways. This is according to classical Dow Theory.
2. If price action will break and close above 0.6790 an up-trend will resume.
3. If price action will break below 0.6514 we will enter a down-trend
On a 4-hour chart there are many signals indicating that prices could move down.
I believe it is a good setup for reversal when signals and patterns appear on multiple timeframes.