After meeting with the lower trend line of a dominant channel up pattern, AUD/NZD currency exchange rate began a surge on January 12.
This movement is likely to continue since it already tested the weekly and monthly pivot point resistance at 1.098. However, the pattern is drawing closer to the dominant downward channel.
Meanwhile, regarding the long term, the movement is likely to continue upward. That is due to all technical indicators confirming the price movement. The 55-hour SMA is providing support at 1.092 and both 100 and 200–hour SMAs are located under the exchange rate.
