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Australian Dollar Cross Pick 02.20.2012

Australian Dollar Cross Pick 02.20.2012

David Song, Strategist

After taking profit on the short AUD/NZD trade from 1.2899, I am waiting for another bounce to sell the pair as the aussie-kiwi maintains the downward trending channel carried over from the previous month. In turn, I would like to sell around the 38.2% Fibonacci retracement from the 2011 high to low around 1.2880-1.2900, and may get a little more aggressive with this trade as the pair looks poised to set fresh lows over the near-term.

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