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Steve Lucas: Aussie could bounce
Today Steve Lucas from 3c Analysis is trading AUDUSD. The Aussie posted a seven month high two
weeks ago at 0.9506 and the
market has been posting lower weekly and daily highs. Steve explains that this
potentially could form a Head and Shoulders top.
The market is currently trading below its 50-day moving average.
This average has supported the market since
February. Steve has a bearish approach and mentions a couple of important levels; the neck-line to the Head and Shoulders Top and the
average. He believes that these levels might support the market for a day or
two and could potentially create a bounce.
- Sell: 0.9360
- Stop: 0.9380
- Targets: 0.9312 & 0.9230
01:15 minutes
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