The Australian Dollar declined by 101 pips or 0.96% against the New Zealand Dollar last week. The AUD/NZD currency pair breached the 50– hour simple moving average during last week’s trading sessions.
Technical indicators suggest selling signals on the 4-hour, daily and weekly time-frame charts. Most likely, bears could continue to drive the exchange rate lower during the following trading sessions.
However, sellers might encounter a support level at 1.0423 within this week’s trading sessions.
