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Lambert: AUDUSD dips as Chinese economy slows
Overnight weakness from the Australian dollar provoked Clive Lambert from FuturesTechs to continue to short the currency.
The Aussie fell on Tuesday after a private survey revealed productivity within Chinese factories continued to decline. China represents Australia’s largest trading partner, explaining the currency’s dip in reaction to the news.
On Tuesday the currency also failed at a key level of USD .9078, which triggered increased selling. The sell-off in AUDUSD continued overnight and Clive believes the currency could fall to around USD .8660
Clive is looking to sell at either USD .8960 or USD .8975, with a stop placed at USD .9000. He has three targets for the trade: USD .8840, USD .8725, and USD .8650.
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