FX:AUDNZD Australian Dollar/New Zealand Dollar
The AUD vs NZD is currently testing a prior resistance level at 1.12894. This is a significant level as it was prior support back in August & September of 2013 before violating the level in November and dropping about 780 pips. The level was tested as resistance with three prior attempts between September and November of 2014. Almost an exact year to when it was previously support.! After price was unable to violate the resistance level the pair fell like a rock to a new all time low at 1.00204. Price has since recovered from the low to bring us up to where we are today. If this level was strong enough to send the pair plummeting to a new all time low then I am going to have to expect the level to hold resistance again until proven otherwise. If taking a short position look for a nice rejection candle to set your entry and hope we see another all time low. Visit me at www.fxatoneglance.com and until next time God bless!