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Lucas: How I’m trading AUDUSD throughout the week
As the Australian dollar stalls at key levels, Steve Lucas from 3c Analysis has laid out a plan to trade the currency throughout the week.
A recent rally in February aided the Australian dollar in recovering from the three and a half year low posted in January; however, current prices remain stalled below the 100 and 200 day moving averages. Disappointing manufacturing statistics released last week caused confidence in the currency to weaken.
With lower gains being posted daily, Steve is convinced that the currency will move lower once an important residence level is broken. If the price dips below USD .8907 he has set two targets for this medium-term trade: USD .8850 and USD .8730.
He is hoping to sell on a rally at USD .9023, which was the high posted on February 20th.
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00:53 minutes
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