Chart Of The Day: AUD/NZD

 | May 11, 2021 05:30PM ET

AUD/NZD has been trapped in a descending channel for the last couple months, with resistance at the 1.0800 level near term. Support is at the 1.0700 level and if the channel resistance breaks as well as the horizontal resistance at the 1.0825 level, the pair could make a move back towards the 1.0955 trend highs from March. RSI is also pointing higher suggesting near prices may move higher.