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Australian Dollar Cross Pick 03.27.2012

Australian Dollar Cross Pick 03.27.2012

2012-03-27 21:05:00
David Song, Currency Strategist
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Although we missed catching the fresh yearly low (1.2739) on the AUDNZD, we are still looking for an opportunity to sell the pair as we expect the downward momentum to gather pace going forward. As we stick to the sidelines, I would like to see a move back towards the 38.2% Fib from the 2011 high to low around 1.2880-1.2900 to sell the pair, and we should see the pair weaken further this year as it continues to carve lower tops.

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