| Videos | Channels | Search |
Lucas: Sell Aussie as RBA's Steven says AUD is "too high"
Steve Lucas from 3c Analysis is looking to sell the aussie dollar. His decision comes as Reserve Bank of Australia Governor Glenn Stevens says he wants to see a lower aussie as it's "uncomfortable high" at the moment and remains a headwind to economic growth.
Last month Stevens said he was "open minded" about the idea of intervention in currency markets where the central bank would sell the Aussie to lower its value.
The Reserve Bank of Australia left the cash rate at a record-low 2.5% for the fourth-straight month.
On the technical side, Steve says he has been short on the Aussie for some time, and that it continues to post weekly lows. He adds that prices are trading below the 100 and 200 day moving average rates.
As a result, Steve is looking to sell on the open and at .9195, to place a stop at .9145 and his targets are .9000 and .8900.
Disclaimer
Saxo Bank Group provides an execution-only service. All information provided on Tradingfloor.com is solely for general information. Tradingfloor.com does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. Saxo Bank Group will not be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available as part of the Tradingfloor.com or as a result of the use of the Tradingfloor.com.
Please read our notification on
Non-independent investment research disclaimer
01:17 minutes
Tags: 3c analysis, aud, aussie, aussie dollar, australia, australia central bank, australia currency, australia rates, australian dollar, australian economy, central banks, currencies, currency, currency markets, economy, exchange rate, financial markets, forex, fx, glenn stevens, governor glenn stevens, growth, interest rates, investing, investment, mr stevens, rba stevens, saxo bank, saxo tv, steve lucas, trade idea, trading, tradingfloor.com, video