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Why I'm shorting the trapped Aussie dollar
Steve Lucas from 3c Analysis is looking to short the Aussie Dollar, which remains under pressure after the Australian Reserve Bank governor Glenn Stevens implied the central bank needed to cut interest rates to a record low of 2.5 per cent, to support the weakening economy
Steve says we have seen two strong down-days this week; he is testing at 89.88 and says that bounces are likely from this level.
As a results, his strategy is to sell modestly on the open and also at 90.65, which is today’s Asian open and is looking for a stop at 91.15. His targets are 89.88, 89.50, 89.00.
00:51 minutes
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