The Australian Dollar has declined by 2.22% against the New Zealand Dollar since June 2. The currency pair is currently trading in a narrow descending channel pattern.
All things being equal, the AUD/NZD exchange rate could continue to trade in the descending channel pattern. Bearish traders will most likely target the psychological level at the 1.0500 area within this week’s trading sessions.
However, the support cluster formed by the weekly S1 and the monthly S1 at 1.0568 could provide support for the currency exchange rate in the short-term.