Steve Lucas

SPOT AUDUSD - trend signals weak, but bearish bias

Yesterday’s signals pointed to buying AUDUSD on the dip at .7910. While this was close to the European low, the bounce has been limited and with losses in New York posting a down day. Prices have been oscillating around their 13 day average rate so trend signals are not strong. There is a bearish bias though, so with this in mind the outlook for Wednesday is to sell on the open and then at .7912, today’s high with a stop loss at .7940, yesterday’s opening trade. Targets are to .7869, Friday’s low, .7807/16, last week’s low trades and .7786, the 5 week base.


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Steve Lucas

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