The AUD/NZD exchange rate has been guided by two opposing channels. The dominant pattern was formed in October 2017. The medium-term ascending channel has bounced the pair within the bounds of this aforementioned dominant channel.
The most recent up-wave started mid-June when the Australian Dollar reversed from the 1.0682 mark. The pair tested the upper boundary of the junior pattern on June 3 and made a pullback.
Technical indicators flash bullish signals in the short term. This could suggest that the rate is likely to continue moving in the uptrend channel during the following trading sessions.