As the relative strength index on the AUDNZD fails to maintain the upward trend from April, the short-term correction appears to be coming to an end, and the pair looks poised to weaken further this year as the Reserve Bank of Australia looks to carry its easing cycle into the second-half of 2012. In turn, I have set a small sell entry at 1.2700, with the stop at the 50-Day SMA (1.2748), and will keep an open target for now as I expect to see fresh yearly lows. I am looking to build up this position over the medium-term and will sell rallies as the pair carves out a lower high coming into May.
Australian Dollar Cross Pick 05.01.2012
2012-05-01 18:50:00
David Song,
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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