The Australian Dollar has surged by 1.68% against the New Zealand Dollar since July 12. The currency pair tested June 24 swing high at 1.0748 during last week's trading sessions.
Currently, the exchange rate is testing a support level formed by the lower boundary of an ascending channel pattern at 1.0693.
If the support line holds, the AUD/NZD pair will most likely continue to edge higher during this week's trading sessions.