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Australian Dollar Cross Pick 05.28.2012

Australian Dollar Cross Pick 05.28.2012

David Song, Strategist

We’re holding onto our AUDNZD short from 1.3000 as the pair carves out a lower top in May, and we should see the pair continue to give back the advance from the previous month as the relative strength index fails to maintain the upward trend carried over from April. As the RSI falls back from overbought territory, we are waiting on a break below 1.2900 to take additional shorts, and will carry this trade into June as we anticipate to see a fresh yearly lows in the exchange rate.

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