The Australian Dollar has depreciated significantly against the New Zealand Dollar after the currency pair made a U-turn south from the upper boundary of a two-week descending channel at 1.0986 on October 10.
The exchange rate was trading near the bottom border of a long-term ascending channel at 1.0815 and could be set for a breakout during the following trading sessions.
If this breakout occurs, the currency exchange rate will target a swing low at 1.0659 within the coming days.
However, a potential short-term surge towards a resistance cluster formed by the combination of the weekly and the monthly PPs at 1.0844 is expected today.
