Kiwi crosses monthly R2

The Kiwi continues to trade against the US Dollar in an ascending channel. An impulse given by the weekly PP at 0.7264 was strong enough to push the pair through the monthly R2 at 0.7314, but it was not enough to break the weekly R1 at 0.7324 as well. Nevertheless, a new attempt is expected to follow. If this attempt succeeds, the rate will face to resistance up until the weekly R2 at 0.7358. In contrast, if the channel will be broken, the pair would start to fall back to the above PP. And the only barrier that could slow down this process would be the 100-hour SMA. Second scenario seems more possible due to the existence of another larger ascending channel, which pressures the pair from the top.