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Australian Dollar Cross Pick 02.16.2012

Australian Dollar Cross Pick 02.16.2012

David Song, Strategist

I stuck to the sidelines on the AUD/NZD as the exchange rate closed above 1.2800 on Wednesday, but the sharp rebound in the exchange rate provides a better price to sell the pair as the downward trending channel remains intact. I may be jumping the gun here, but I like selling the pair at the 20-Day SMA (1.2899) for a very short-term trade. I have set the stop at the high (1.2930), and will set the target at the January low (1.2833).

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