AUD/NZD trades in ascending pattern

Note: This section contains information in English only.
Source: Dukascopy Bank SA


Since November 2021, the AUD/NZD currency exchange rate has been surging in a channel up pattern. Most recently, the rate encountered resistance in a zone that is located below 1.0800. The following decline passed the support of the 50-day simple moving average near 1.0700.

If the pair continues to decline, it would look for support in the 1.0650 mark. Meanwhile, the 1.0650 level was being crossed by the lower trend line of the channel up pattern. A breaking of the pattern and a move further down might stop at the 1.0600 mark and the support zone below it.

On the other hand, a recovery of the Australian Dollar against the New Zealand Dollar is set to first face the resistance of the 50-day simple moving average near 1.0700, before aiming at the 1.0800 mark.
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