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Lucas: Why the Aussie is 24/7 bullish
Steve Lucas from 3c Analysis is viewing bullish daily, weekly, and quarterly signals for the AUDUSD.
The presence of a head & shoulders reversal pattern has positioned the currency for higher long-term gains. The currency pair previously dipped to a three and a half year low in January at USD .8658. Recently, the AUDUSD broke through heavy resistance levels for the first time in months. The rise comes after the Reserve Bank of Australia decreased its stance on the currency.
Steve is looking to buy small at the open and then again at USD .9345, which is the last 5 hour low. He is targeting USD .9449 and USD .9500. Over the long-term he is also targeting USD .9550, which would be the peak level reached by the head & shoulders pattern. A stop can be placed at USD .9317.
Read more on Steve Lucas’s call here: http://goo.gl/ydXGY0
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01:19 minutes
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