The Australian Dollar has depreciated about 1.19% in value against the New Zealand Dollar since September 22. The currency pair is currently trading near in a junior descending channel pattern.
Given that the AUD/NZD exchange rate is trading near the bottom border of a long-term ascending channel, a breakout could occur within this week’s trading sessions.
If the breakout occurs, a decline towards the 1.0627 area could be expected in the nearest future.
However, if the ascending channel holds, a brief retracement towards the weekly pivot point at 1.0830 could follow.
