The AUD vs NZD is pushing towards it's all time low of 1.04280 which was hit on 12/2005. Since setting the all time low price has bounced off of that level and pushed upwards to an all time high of 1.37941 set on 3/2011. Ever since then the pair has been in a downward spiral attacking the all time low level and finding support near that low at 1.05490 this past January. Price moved some 400 pips away from that support level
but once again we are nearing that level at about 90 pips away. Well what's all this mean? Looking back in time at this monthly chart we can see all the rejections at this level. The last major rejection of the level on the monthly time frame shows the rejection and a 800 pip wick back on 10/2008. This level appears to be a really strong support level
therefore giving traders a great opportunity to make a profit. We expect a S&R level to hold until broken so past history says this level is more than likely to hold. Look at price action to enter the market long at the support level
. Until then have a great trading day and God bless!