The Australian Dollar has declined by 2% against the New Zealand Dollar since the middle of August. The currency pair breached the 200– period simple moving average during last week’s trading sessions.
All things being equal, the AUD/NZD exchange rate could continue to edge lower. A breakout through the lower boundary of a descending channel pattern could occur during the following trading sessions.
However, if the channel pattern holds, bullish traders could pressure the currency exchange rate higher within this week’s trading sessions.
