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Lucas: AUDUSD bouncing back

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Steve Lucas from 3c Analysis outlines his trade in AUDUSD. With positive signs from metals, stocks and oil indicating an economic upswing, markets are expecting a rally in the currency pair. 

Although technical signals suggest a temporary and corrective rally, Steve is aiming at buying on the dip, with the price close to a two week high. 

Buy on dip at 0.7154, just above today’s low 

Stop: 0.7101, yesterday’s European base.
Targets: 0.7240 and 0.7280, last month’s top.