The New Zealand Dollar is trading against the American Dollar in the short-term ascending channel. The pattern began to form shortly after the pair lost 116 basis points in the middle of last week, which was most likely associated with the announcement of the Official Cash Rate by the RBZN. Currently, the rate has bounced off from the upper trend-line of the channel and resumed a downward direction amid the strong pressure put by the 200-period SMA and weekly R1 at 0.6942 and 0.6936, accordingly. Since the pair does not face any strong support levels, except for the monthly PP located at 0.6926, most likely it will successfully reach the bottom edge of the channel.
| Level | Rationale | Indicator | 4H | 1D | 1W | |||
| R4 | 0.7001 | Monthly R1 | MACD (12; 26; 9) | Sell | Sell | Sell | ||
| R3 | 0.6952 | Trend line | RSI (14) | Buy | Sell | Sell | ||
| R2 | 0.6950 | Upper Bollinger Band | Stochastic (5; 3; 3) | Neutral | Neutral | Neutral | ||
| R1 | 0.6942 | 200-period SMA | ADX (14) | Sell | Sell | Buy | ||
| S1 | 0.6925 | Monthly PP | CCI (14) | Neutral | Neutral | Neutral | ||
| S2 | 0.6902 | 20-period SMA | AROON (14) | Neutral | Sell | Neutral | ||
| S3 | 0.6894 | 100-period SMA; 55-period SMA | Alligator (13; 8; 5) | Buy | Buy | Buy | ||
| S4 | 0.6884 | Trend line | SAR (0.02; 0.2) | Buy | Sell | Sell | ||
| Aggregate | → | ↘ | → |