The Australian Dollar has been moving in a descending channel against the New Zealand Dollar since August 10 after the currency pair hit the upper boundary of a downtrend line at 1.1150. The Aussie has lost about 5% of its values since the decline started.
The exchange rate was trading near the bottom border of the descending channel pattern at 1.0643 during the morning hours of Friday’s session and could be prepared for a breakout.
If this breakout occurs, the next target for the AUD/NZD currency exchange rate will be at a swing low of 1.0550 during the following trading sessions.
