The Australian Dollar has been edging higher against the New Zealand Dollar since the middle of March. The currency pair tested the 200– period simple moving average at 1.0315 during last week’s trading sessions.
As for the near future, the AUD/NZD exchange rate could continue to edge higher in the junior ascending channel pattern. The potential target will be near the weekly R2 at 1.0421.
However, given that the currency exchange rate is currently trading near the bottom border of the junior channel, a breakout might occur within the following trading sessions.
