AUD/NZD 4H Chart: Bounces Off Support

The AUD/NZD currency pair bounced off the lower line of an ascending channel pattern at 1.0640 on March 1. As a result, the Australian Dollar surged by 1.14% against the New Zealand Dollar since last week’s trading sessions.

The exchange rate is likely to continue to edge higher in the ascending channel pattern during the following trading sessions. The potential target for buyers would be near the 1.0850 level.

However, the weekly R1 at 1.078 could provide resistance for the currency exchange rate in the shorter term.