The Australian Dollar has declined by 190 pips or 1.75% against the New Zealand Dollar since October 8. The currency pair breached the 50-, 100– and 200– period SMAs during the past two weeks.
As for the near future, the exchange rate could continue to trend bearish. A breakout through the lower boundary of a descending channel pattern during this week’s trading sessions.
However, the weekly support level at 1.0712 could provide support for the AUD/NZD currency exchange rate in the shorter term.
