The Australian Dollar edged higher by 1.22% against the New Zealand Dollar last week. The currency pair tested the upper boundary of an ascending channel pattern at 1.0858 on August 5.

Currently, the AUD/USD exchange rate is testing the monthly resistance level at 1.0858.

If the monthly R1 holds, a decline towards the bottom line of the ascending channel pattern could be expected within this week’s sessions.

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However, if the currency exchange rate breaks the monthly resistance level, bullish traders are likely to pressure the price higher during the following trading sessions.

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