Australian Dollar Cross Pick 02.16.2012
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).
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.