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Australian Dollar Cross Pick 01.23.2012

Australian Dollar Cross Pick 01.23.2012

David Song, Strategist

After watching the AUD/NZD for some time, I am still looking to short the pair as the bearish divergence in the relative strength index continues to pan out. We might have missed the boat on this one, but there’s still some room to the downside as the pair fails to push back above the 50.0% Fibonacci retracement from the 2011 high to low around 1.3050. In turn, I have set a sell entry at 1.3000 and will look for another test of the 38.2% Fib around 1.2880-1.2900, with the stop at 1.3050.

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