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Australian Dollar Cross Pick 05.30.2012

Australian Dollar Cross Pick 05.30.2012

David Song, Strategist

As the AUDNZD dips below the 38.2% Fibonacci retracement from the 2011 high to low around 1.2880-1.2900, we are waiting for a small bounce to add to our short position from 1.3000, and we will carry out trade into June as we maintain a bearish outlook for the pair. We would like to take another short around the 1.2900 figure, with the average stop at 1.3000, and we will continue to build up this position as our medium-term target lies at 1.2500.

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