NZD/USD Technical Analysis: Flirting with intraday ascending trend-channel support, remains vulnerable

   •  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

 
   •  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

   •  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.