The Australian Dollar began to depreciate against the New Zealand Dollar after reaching the upper boundary of a dominant ascending channel in early August. During this short period of decline, the currency pair fell by 2.41%.
During the morning hours on Tuesday, the exchange rate was stranded between a resistance cluster formed by the combination of the weekly and the monthly pivot points near 1.0983 above, while the 200-hour simple moving average was providing support for the rate below.
Everything being equal, a breakout from the barrier mentioned above could be expected within this session. Meanwhile, technical indicators flash mixed signals.
