The Australian Dollar has been moving in a five-month descending channel pattern against the New Zealand Dollar. The currency pair reversed from the upper boundary of a dominant descending channel at 1.1150 on August 7 and followed by downside wave.
As for the short-term future, it is likely that the currency exchange rate will aim at the lower boundary of the dominant descending channel pattern at 1.0386 during the following trading session.
However, a support level formed by a swing low at 1.0440 could hinder the AUD/NZD exchange rate from falling.
