AUD/NZD 4H: Breakout Occurs

AUD/NZD 4H: Breakout Occurs thumbnail

The Australian Dollar has declined by 1.44% against the New Zealand Dollar during the past two weeks. However, a breakout occurred through the upper boundary of a descending channel pattern at 1.0720 on May 29.
Given that a breakout had occurred, buyers could continue to pressure the exchange rate higher within this week’s trading sessions. The potential target would be at the 1.0900 mark.
Although, the weekly resistance level at 1.0806 could provide resistance for the currency exchange rate in the shorter term.
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