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Lucas: A tale of two dollars
With strong divergence between the United States and Australia at the moment, Steve Lucas from 3c Analysis is looking to sell AUDUSD. The Federal Reserve is expected to maintain its optimistic outlook on the US economy by issuing specific language regarding the timing of interest rate hikes next year in its statement on monetary policy due out on Wednesday.
The variance between the US and Australian economy has been compounded by lower commodity prices as well as slowing growth in China. Steve notes that the price of iron ore has fallen 50 percent in the past year. These factors have contributed to a weaker AUD.
With the market appearing to be oversold, Steve is planning on selling modestly at the open and again at USD 0.8175. He is targeting a move lower towards USD 0.8066 and USD 0.8000. A stop can be placed at USD 0.8210, which is slightly above the lows from Monday & Tuesday.
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Non-independent investment research disclaimer
01:24 minutes
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