The Australian Dollar has surged by 2.21% against the New Zealand Dollar since last week's trading sessions. The 50– and 100– hour SMAs pressured the currency pair higher during this short period.
As for this week's trading sessions, bearish traders could pressure the AUD/NZD exchange rate lower. The possible target for the pair would be at the lower boundary of an ascending channel pattern at 1.0672.
However, technical indicators suggest that the currency exchange rate would continue to trend bullish during the following trading sessions.