Australian Dollar Cross Pick 02.28.2012
The AUDNZD climbed to a fresh weekly high of 1.2860 and I am looking to sell the pair following the Australia retail sales report as the pair approaches the 38.2% Fibonacci retracement from the 2001 high to low around 1.2880-1.2900. I will be closely watching the event risk on tap for later tonight, and will sell the pair as close to the 38.2% Fib as it maintains the downward trending channel from earlier this year. I plan to set the stop at the 2/16 high (1.2930), but will keep an open target for now as I expect to see fresh yearly lows over the near-term.
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