Steve Lucas is looking at a counter-trend trade in AUDUSD

The Australian dollar has been under pressure for some time,but Steve believes signals last week have pointed to a temporary recovery. Although this is a counter-trend trade, Steve remains bullish in the absence of a sell signal.

His call is to buy at market and at 0.8189, which is just above today’s low in Asia. Steve’s stop is 0.8155, which is yesterday’s European low. His targets are 0.8296, yesterday’s high, and 0.8376, the five-week high.

Steve intends to go long on AUDUSD until there is a sell signal.

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