The AUD/NZD currency pair bounced off the lower boundary of a descending channel pattern at 1.0372 on August 30. As a result, the Australian Dollar surged by 0.67% against the New Zealand Dollar during last week’s trading sessions.
All things being equal, the exchange rate could edge higher during this week’s trading sessions. The potential target for bullish traders would be near the 1.052 area.
However, the 50– period simple moving average at 1.0415 might provide resistance for the currency exchange rate this week.
