The AUD/NZD has been trading in a nice channel on the daily charts, making it rather predictable over the last 6-8 months. From the high of the channel at 1.0379 established in July 2012 to the low of 1.2142 reached 2 weeks ago the pair is sitting just shy of the 38.2% retracement area at 1.2500 which also happens to be the Monthly R1 level as well as only 14 pips from last week's high at 1.2486. 1.2500 will offer some resistance as it is a key psychological level as well, but if the pair should break last week's high I would expect a test of the top of the channel at the least, which resides at roughly 1.2551 (January 30th High Also). A close back above 1.2500 will also see the pair close above it's 62EMA which hasn't happened since late December. If 1.2500 is rejected, look for support around the January lows of 1.2410 and the Weekly S1 at 1.2345 which sits just above the Monthly Pivot at 1.2317.
Happy Trading!