FX:AUDNZD Australian Dollar/New Zealand Dollar
AUDNZD has found a level of resistance around the 1.09 psychological level that is also home to the 38.2% retracement of the decline from October 2013 to January 2014. If we see price continue to rally this could offer us a good risk/reward entry with a stop at 1.0950 as we look for the overall downtrend to continue. Initial target at 1.0675 would give us a 1:2 risk/reward ratio. A break of 1.0630 can take price down to 1.05.