The AUDNZD has formed a Pin Bar on the two day chart or a Two Bar Reversal on the daily chart. Whilst this Pin Bar is against the most recent up-trend it is formed rejecting a solid and proven resistance area.
The near term support level for this pair comes in close around the 1.2520 area. If price does make a break lower, this support level is going to have to give way for any serious longer term move lower to continue.
The chart below has this daily two bar reversal blended to make a two day chart which shows the Pin Bar Reversal. To learn how to blend candles to make any time frame chart you wish with MT4 read here: Blending MT4 Candles.
AUDNZD TWO DAY CHART | 20TH MARCH 2013
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