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Lucas: Why I'm shorting the Aussie
While the markets are subdued while we wait to see what the US Fed will do about "tapering", Steve Lucas, from 3CAnalysis, is going back to an "old favourite" and is shorting the Aussie dollar. He says bearishg signals for AUDUSD remain and it looks fragile.
Currently the AUDUSD is testing a three year low at .8848 , which was posted in August, so Lucas expects there to be some bounces. He however thinks rallies will continue to attract sellers.
Lucas further adds that AUDNZD is testing a 5-year low, AUDGBP is testing a 4-year low, and AUDEUR is testing a 4-year low.
As a result, Lucas is looking to sell small on the open at .8750, to place a stop at .8972 and his targets are .8848 and .8930.
01:22 minutes
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