While the Dollar has been rallying against pretty much anything, the NZD seems to be holding its own in a fairly impressive manner. Looking at current price action
on the 4hourly, the pair has been trading in a descending channel
, it's currently at support, while momentum has maintained a fairly neutral structure diverging from price. All this suggests that the pair may be getting ready to bounce back to the mid consolidation level. We'd be looking for the candle to close as a hammer
to further verify this scenario.