Patterns: AUD/NZD NZD/CAD
|AUD/NZD 4H Chart: Pair points to surge
The AUD/NZD currency pair has been guided by an ascending channel since early April. The exchange rate bounced off it bottom border on April 13 and has since remained trading along the pattern.
The Aussie has gained 2.38% against the New Zealand Dollar during the past one week. This surged began after the price reversed from a dominant ascending channel at the 1.06 mark. Also, the 100– hour simple moving average supported the rate at the same mark which helped push the price movement higher.
Technical indicators demonstrate that the present rally is likely to continue during the following trading sessions until it reaches the upper boundary of the aforementioned pattern.
NZD/CAD 4H Chart: Falling wedge
The movement for the NZD/CAD exchange rate has been constrained by a dominant descending channel for the past two months. This decline has led the Kiwi to a five-month low level.
Since May 8, bears dominance in the market over the currency pair has been significant. The pair is currently trading in a falling wedge. Furthermore, the 55– hour simple moving average has pressured the rate further south.
Technical indicators suggest another set of decline for the currency exchange rate during the following trading sessions. However, a brief reverse north from the weekly support level at 0.88 could be a possibility within this session.
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