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Australian Dollar Cross Pick 02.23.2012

Australian Dollar Cross Pick 02.23.2012

David Song, Strategist

As the AUD/NZD continues to pare the decline from earlier this month, I will be keeping a close eye on the 38.2% Fibonacci retracement from the 2011 high to low around 1.2880-1.2900 as it maintains the downward trending channel carried over from the previous month. As the rebound from 1.2765 gathers pace, we may have an opportunity to jump into a short position going into the end of the week, but will sit in the sidelines for the time being as the pair struggles to push back above the 20-Day SMA at 1.2863.

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