The Australian Dollar has been trading in several descending channels against the New Zealand Dollar. The most important of the channel pattern is a three-month descending channel which was formed on August 9 and has guided the currency pair to a seven-month low at 1.0604.
The exchange rate was trading near the lower boundary of the three months descending channel pattern at 1.0643 during the morning hours of Friday’s session.
Given that the three SMAs is above the price level, it is likely that the overall downwards movement might continue during the following trading sessions.
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The potential target for the currency exchange rate will be at a support level formed by the weekly S2 at 1.0545.
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