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Australian Dollar Cross Pick 07.26.2012

Australian Dollar Cross Pick 07.26.2012

David Song, Strategist

After jumping the gun on AUDNZD earlier this week, we’re finally seeing the relative strength index fall back from overbought territory, and I am waiting for a rebound back towards the 1.3025 figure to sell the pair. As the aussie-kiwi struggles to hold above the 50.0% Fibonacci retracement from the 2011 high to low around 1.3050, the exchange rate looks poised for a sharp run to the downside, and we will maintain a bearish forecast for the pair amid the deviation in interest rate expectations.

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