The Australian Dollar has declined by 0.61% against the New Zealand Dollar since July 1. The currency pair was pressured lower by the 50– and 200– period SMAs during last week’s trading sessions.
By and large, the exchange rate is likely to continue to edge lower in a descending channel pattern during the following trading sessions. The potential target for the AUD/NZD pair will be near the 1.0620 area.
However, the weekly support level at 1.0673 might provide support for the currency exchange rate in the shorter term.
