The Australian Dollar has surged by 3.73% against the New Zealand Dollar since the beginning of April. The currency pair tested the upper boundary of an ascending channel pattern at 1.0600 on April 17.
As for the near future, the exchange rate will most likely continue to edge higher. A breakout through the upper boundary of the ascending channel pattern could occur within this week’s trading sessions.
But, the AUD/NZD currency exchange rate could make a brief retracement towards the 100– period simple moving average at 1.0360 during the following trading sessions.
