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Australian Dollar Cross Pick 02.21.2012

Australian Dollar Cross Pick 02.21.2012

David Song, Strategist

As the AUD/NZD bounces back from a fresh monthly low of 1.2765, it looks as though we will see a short-term correction pan in the days ahead, but I will stay on the sidelines and will look for a higher price to sell the pair as it maintains the downward trending channel from earlier this year. I am waiting to sell the aussie-kiwi around the 38.2% Fibonacci retracement from the 2011 high to low around 1.2880-1.2900, and will look for fresh lows over the near-term as the pair looks poised to retrace the rebound from the previous year.

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