Monthly Chart:
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Strong support at 76.00 has just been reaffirmed when the pair failed at it for the third time since the beginning of the month and signalled that a double top could be confirmed if the currency does not attempt any more highs, but makes its way straight to the four day support at 75.48.
Near-term supports cluster at 75.69/72 and could put the pair's bearish momentum to test, causing it to struggle to reach the target support at 75.48. If attempts to break below this support are successful, a dive towards the 75.37/41 area will come next. Two more significant supports will then have to be conquered in order to complete the dip towards the 74.19 rebound level.
Daily Chart:
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Potential for immediate rally
Major bullish pressure put on by various time-frame SMAs could still cause diversion from the expected track, forcing the pair to inch northwards with 76.21 (broken channel trend-line) as its next target. The current dip could as well be an extended preface for the rebound from the lower channel trend-line.
Volatility can be expected later during Tuesday when the GDT Price Index for New Zealand comes out, while Wednesday will be a day rich with Japanese data releases which the market could consider of significance as well.
Aggregate Technical Indicators:
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