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Lucas: Bearish outlook for AUDUSD
The slight dip in the US Dollar’s strength on Tuesday has not altered a bullish outlook for the currency. Instead, investors are focusing on the effects of slowing global growth on weaker currencies like the Australian Dollar and the Yen. Steve Lucas from 3c Analysis is targeting weakness in the Australian Dollar given the numerous external factors pushing the currency lower.
On Monday, AUDUSD experienced a bearish gap open falling to 0.8734. The move lower was driven by a weaker yen and stronger dollar. Last week the Bank of Japan announced plans to increase its quantitative easing measures to JPY 80 billion a month. Lows in the gold and copper market have also contributed to the Australian dollar’s weakness this week.
Steve is looking to sell AUDUSD at the market open and again at USD 0.8758. He is targeting a move lower to: USD 0.8643, USD 0.8600, and USD 0.8550. A stop loss can be placed at USD 0.8799, which was last Friday’s close.
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01:14 minutes
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