NZD/USD Price Analysis: Bears eye a break of 0.5650 to test 0.5620 and below

• NZD/USD bears are moving in during a slow grind in Asia. 
• A 50% mean reversion could be ob the cards while below 0.5650.

A new day and fresh prospects for NZD/USD. The pair travelled in three levels of rising on Monday and has extended the rally in Asia on the back of the CPI data, falling within touching distance of Friday's highs around 0.5680.

At this juncture, the price is starting to cave in on level 3 on the new day and range so far but a break of structure at 0.5651 is required if there are going to be prospects of a meaningful correction into level 2 and 1 longs for the day ahead. The following illustrates the current structure of the market and the week's template so far. 

NZD/USD M15 chart

The price rallied on Monday and is now starting to run into resistance in the new 50 pip box (range of the day and session) so far on level 3 on Tuesday. The M-formation is a topping pattern and the price is breaking below the CPI highs and testing the last higher low of the Asian rally at 0.5651 on level 2. There are going to be prospects of a slide out of the front side of the trendline as time goes by if the bears stay in control:

Fresh Day 2 longs and old Day 1 longs that are committed to the upside are being squeezed at this point and as the weak hand's sell-out, a cascade of offers could result in a meaningful 50% mean reversion correction of the week's range so far ahead of the European session: