The Australian Dollar has declined by 2.28% against the New Zealand Dollar since June 1. The currency pair tested a support cluster formed by the weekly S1 and the monthly S1 at 1.0609.
As for the near future, the AUD/NZD exchange rate could continue to edge lower. Sellers could target the 1.0500 mark during the following trading sessions.
However, if the support cluster as mentioned earlier holds, a breakout through the upper boundary of an ascending channel pattern could occur within this week’s trading sessions.
