The Australian Dollar has been confined by a descending channel against the New Zealand Dollar since the pair touched the upper boundary of a five-month dominant channel.
The AUD/NZD pair has moved to closer to the border of a junior channel and could be set for a breakout. Meanwhile, a support cluster set by the weekly pivot point with the combination of the 55-hour simple moving average near 1.0742 was providing support for the rate.
Technical indicators suggest that the pair could rally during the following trading sessions.
