Price on the AUDNZD has broken a well-respected level and right now the price is on its way to retest the level again around 1.0560. This level has been proved as an important level as we can see that in the past, the price has been rejected several time, either act as the support or resistance area.
AUDNZD daily chart – zoom out
AUDNZD daily chart – zoom in
On the 4-hour chart, we can see that the level acted as the support level and now act as the new resistance level, with price heavily traded lower since mid-July 2016. If the price could form a bearish price action signal around that area, I will go short.
AUDNZD 4-hour chart