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Lucas: Shorting AUDUSD as US economy grows
Steve Lucas from 3c Analysis is looking to short AUDUSD after third quarter GDP results showed signs of slowing growth. Recently a series of higher lows have been posted in AUDUSD, as the Australian currency continues to weaken against the US Dollar.
Falling oil prices have put pressure on the Australian economy, which has slowed to the slowest level of growth since 2013. Third quarter GDP estimates were reported at 0.3 percent earlier in the week, half of what analysts had predicted. Steve notes that the Reserve Bank of Australia has been vocal about achieving a weaker currency and the recent poor economic data has increased the speculation of a rate cut next year.
Steve is looking to sell modesty at the market open and again at USD 0.8446. He is targeting a drop towards: USD 0.8375, USD 0.8325, and possibly USD 0.8250. A stop can be placed at USD 0.8475. Otherwise, he suggests that traders with a short position in AUDUSD maintain this position
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Non-independent investment research disclaimer
01:18 minutes
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