AUD/NZD surges in channel pattern

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


Since November, the AUD/NZD currency exchange rate has been surging in a channel up pattern. Throughout early 2022, the currency pair has been trading near the upper trend line of the channel pattern.

In the near term future, the rate was heading to the 2021 April-June high level zone at 1.0810/1.0825. A move above the resistance zone could find resistance in the 1.0850 and 1.0900 round exchange rate levels, before the pair reaches the 2021 high level zone at 1.0938/1.0950.

Meanwhile, a decline of the Australian Dollar against the New Zealand Dollar would have no technical support as low as the 50-day simple moving average near 1.0650. Below the moving average, the lower trend line of the channel up pattern is located near 1.0630. In the meantime, note that 1.0700 and 1.0750 levels might act as support.

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