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Lucas: I'm buying the Aussie ahead of non-farms
Steve Lucas from 3c Analysis is looking to buy the Aussie ahead of the release of the US nonfarm payroll data - out later today. It is expected that US hiring increased in February and the jobless rate will hold at 6.6 percent, but nothing will be confirmed until later this afternoon.
Nonfarm payroll figures dropped to 94,000 in January, causing the AUDUSD to hit a three and a half year low. The currency pair has since recovered and has managed to recoup 38 percent of those January loses. Today’s figures are expected to be show modest gains as severe weather likely impacted hiring, which is why Steve is being thoughtful before entering the market.
Steve is looking to buy small at the market open and then again at dip to USD .9050. His two targets for the trade are set at USD .9130 and USD .9169, which is December’s high. A stop can be placed at the 38 percent pullback level from this week’s gains, USD .9025.
He gives a word of caution before executing the trade, as the market is currently trading between the 100 and 200 day moving average, which could put a cap on the market.
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01:32 minutes
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