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Australian Dollar Cross Pick 07.27.2012

Australian Dollar Cross Pick 07.27.2012

David Song, Strategist

We’re still waiting to short the AUDNZD on a move back towards the 1.3025 figure as the pair carves out a short-term top around the 50.0% Fibonacci retracement from the 2011 high to low around 1.3050, and we may see the pair consolidate in the week ahead as it rebounds ahead of the 200-Day SMA at 1.2906. As the relative strength index continues to come off of overbought territory, we should see the pullback from 1.3078 continue to gather pace, and we will maintain a bearish outlook for the AUDNZD amid the deviation in the policy outlook.

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