Hi, unless they changed construction in the last couple of year, (and I doubt that very much) anywhere on that wall is fair game. Keep it high, so you will have options in the future as to different models and brands. I bought a hole-saw for around $25.00 (or less) to do a nice clean hole. You can probably rent one cheaper.
I used the telescoping flat vent pipe from Sears, (thanks for the link VanMan) it is in the last few frames, makes a simple compact venting system. Good luck.
Ozz
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