“¢ The pair built on last week’s rebound from near three-month-old ascending trend-line support and gained some positive traction for the second consecutive session on Monday.
NZD/USD daily chart
-636897249324572724.png)
“¢ The intraday uptick faced rejection near a confluence resistance – comprising of the top end of an ascending trend-channel formation on the 1-hourly charts and 200-hour EMA.
“¢ Given last week’s post-RBNZ slump, the mentioned trend-channel now seemed to constitute towards the formation of a bearish continuation – flag chart pattern on short-term charts.
1-hourly chart
-636897249846305311.png)
“¢ Mixed technical indicators on hourly/daily charts haven’t been supportive of the recovery movement and thus, warrant some caution before positioning for any further near-term up-move.
“¢ Currently flirting with the trend channel support, a follow-through weakness might accelerate the slide back towards multi-month-old ascending trend-line support, near the 0.6780 region.
Share
