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Australian Dollar Cross Pick 06.12.2012

Australian Dollar Cross Pick 06.12.2012

David Song, Strategist

The short AUDNZD trade from 1.3000 and 1.2902 are well in-the-money as the pair slipped to a fresh monthly low of 1.2771, and we will maintain our position throughout the Reserve Bank of New Zealand’s interest rate decision as the central bank is widely expected to keep the benchmark interest rate at 2.50% in June. Indeed, we’re waiting to add to our short position as the aussie-kiwi bounces off of the 50-Day SMA (1.2771), and we will maintain our bearish forecast for the pair as the relative strength index preserve the downward trend carried over from May.

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