The Australian Dollar has been appreciating against the New Zealand Dollar since October 24. The currency pair surged about 1.44% in value during last week’s trading sessions. After the pair tested a resistance cluster at 1.0828 on October 30, bearish traders took control of the market.
By and large, the exchange rate could continue to edge lower during the following trading sessions. The potential target for bears will be at the monthly S1 at the 1.0664 mark.
Although, the lower boundary of an ascending channel pattern and the weekly S1 at 1.0693 could provide support for the currency exchange rate in the nearest future.
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