The AUDNZD has formed a Pin Bar reversal on the daily chart. This is not the best Pin Bar that could have formed here because it did not form right up at the high and stick out like we would like.
The other main problem with this Pin Bar is it has formed with support very close below. If price can break through the low of the Pin Bar the next support comes in around the 1.2570 area.
If price fails to break lower resistance comes in around the round number 1.2700.
AUDNZD DAILY CHART – 25 OCTOBER 2012
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