The AUD/NZD currency pair has been guided by an ascending channel since early April. The exchange rate bounced off it bottom border on April 13 and has since remained trading along the pattern.
The Aussie has gained 2.38% against the New Zealand Dollar during the past one week. This surged began after the price reversed from a dominant ascending channel at the 1.06 mark. Also, the 100– hour simple moving average supported the rate at the same mark which helped push the price movement higher.
Technical indicators demonstrate that the present rally is likely to continue during the following trading sessions until it reaches the upper boundary of the aforementioned pattern.
