Can I 301 Redirect all pages except one?

I'm moving my site to a new domain so I'm planning to 301 redirect it in .htaccess using this simple code:

Options +FollowSymLinks
RewriteEngine on
RewriteRule (.*) http://www.newdomain.com/$1 [R=301,L]

Code (markup):

If I don't want to redirect http://www.olddomain.com/test.php can I simply add this line before the RewriteRule?

RewriteCond %{REQUEST_URI} !^\/test\.php [NC]

Code (markup):

Thanks!