If this downtrend is to pan out, we'll be returning to a monthly uptrend mode below, which acts as a magnetic level, once the level above is broken down convincingly.
I like how the price action around the previous RBNZ rate cuts has given us clear indications of where the range would get capped, and it seems to be the case once again.
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Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.