Happy New Year Traders!
This is the first price action setup for 2015 - a market we've been watching closely, the AUDNZD daily chart.
We've been putting up a few posts in the War Room and have been talking about it a lot in the commentary, focusing on the all time low monthly support level that has been breached.
Now the market is testing this old support level as new resistance by rejecting moves higher into it.
Last session we got a small bearish rejection candle, where the upper tails demonstrated the bearish reaction to the only monthly support.
Because the candle is small in range - it would be better to only consider taking breakout trades with any bearish momentum that may develop next week.
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