The bullish momentum which began mid-April has guided the AUD/NZD exchange rate towards the upper boundary of a dominant descending channel. This scores a 4.48% increase in price within the last month.
After reaching the weekly pivot point near the 1.09 mark, the currency pair reversed south. it seems that this may point to a continuous movement down potentially aiming for the southern border of a junior ascending pattern.
Regarding future trading, the currency exchange rate is likely to continue to decline during the following trading session until the lower boundary of the junior ascending channel is breached.
