Patterns: EUR/NZD, AUD/NZD
|EUR/NZD 4H Chart: Two scenarios likely
The single European currency has been gaining strength against the New Zealand Dollar since February 13. The currency pair appreciated by 2.18% in value during this period.
The exchange rate is approaching the upper boundary of the ascending channel pattern at 1.7211.
If the resistance levels, formed by the weekly R1 and the upper border of the channel pattern at 1.7211 holds, the EUR/NZD pair could make a brief pullback within this week's sessions.
However, if the currency exchange rate breaks the ascending channel pattern, the next target for bullish traders would be at the 1.7503 area.
AUD/NZD 4H Chart: Likely to maintain channel
The Australian Dollar has been gradually edging higher in an ascending channel pattern against the New Zealand Dollar since last week's trading sessions. The currency pair tested the upper boundary of the channel pattern at 1.0505 on February 11.
As for the near future, the exchange rate will most likely maintain the ascending channel pattern. The potential target for bullish traders would be near a resistance cluster formed by the weekly R2 and the monthly R2 at the 1.0519 area.
On the other hand, the AUD/NZD currency exchange rate could reverse from the current price level at 1.0460 and target the bottom border of the ascending channel pattern at 1.0376 within this week's trading sessions.
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