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Lucas: Why I am buying AUDUSD

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Steve Lucas is looking to buy AUDUSD as the Aussie recovers from hitting seven year lows earlier this month.

The Aussie dollar has continued to regain ground despite the very strong sell-off in Chinese equities, Lucas says. Modest gains seen on Wednesday have ended a small sequence of lower daily highs, he adds.

Lucas is looking to buy at market and then at 0.7002 with a stop at 0.6956 and his targets for the trade are 0.7077 and 0.7149 .