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Australian Dollar Cross Pick 05.24.2012

Australian Dollar Cross Pick 05.24.2012

David Song, Strategist

We took another shot at shorting the AUDNZD as it appears to be carving out a lower top just below the 50.0% Fibonacci retracement from the 2011 high to low around 1.3050, and we’re currently short from 1.3000 as the relative strength index continues to come off of overbought territory. We’ve set our stop at 1.3060 should we see another run at the 50.0% Fib, but have left an open target as we expect to see fresh yearly lows in the exchange rate. As we remain bearish against the AUDNZD, we will look to add to our position on the way down and will take additional shorts around the 1.2900 figure.

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