The AUD/NZD currency pair has been tended north since the beginning of August when it reversed from the lower boundary of an ascending channel pattern at 1.0318 on August 5.
The overall direction for the exchange rate is expected to remain north within the scope of this week’s trading sessions. Two important levels to watch is the weekly and the monthly R1 at 1.0823 and the upper boundary of the ascending channel pattern at 1.0902.
On the other hand, the surge might not occur immediately, as some downside pressure are likely to push the currency exchange rate towards the lower boundary of the channel pattern at 1.0700.
