The AUD/NZD currency pair appreciated by 1.11% in value during last week's trading sessions. The pair tested the upper boundary of a junior descending channel at 1.0795 on October 17.
The exchange rate breached a support cluster formed by the 50-, 100– and 200– hour SMAs at 1.0730 during the morning hours of Monday's trading session.
By and large, the junior descending channel pattern will most likely continue to guide the currency exchange rate lower within this week's trading sessions.
The potential target for bearish traders would be near the weekly S1 at the 1.0656 regions.