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Forex Trading: Selling AUD/NZD Ahead of RBA

Forex Trading: Selling AUD/NZD Ahead of RBA

David Song, Strategist

The near-term correction in the AUDNZD could be coming to an end as the relative strength index comes up against interim resistance around the 57 figure, and we are looking to short the pair going into the Reserve Bank of Australia (RBA) interest rate decision on tap for March 4 as Governor Glenn Stevens adopts a more dovish tone for monetary policy. As the AUDNZD maintains the downward trend carried over from the previous year, we may see the aussie-kiwi carve out a lower high ahead of the RBA meeting, and the pair should continue to track lower throughout 2013 amid the deviation in the policy outlook.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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