SaxoTV

Lucas: Watching AUDUSD for the Wednesday wobble

283 views
Steve Lucas is trading AUDUSD after last night's budget which is unlikely to change the Australian central bank's easing bias with confirmation of weak GDP and rising unemployment. Steve has also spotted that sell offs seem to occur every Wednesday: "Although weekly signals have been temporarily bullish since posting a 6 year low in April at 0.7533, rallies in each of the last 2 weeks have attracted temporary but sharp sell offs on Wednesday of that week."

Steve says his call is relatively cautious; to sell modestly on the open – then at 0.7996, the last 5 hour high, with a stop at 0.8031, last week’s top.

Target is to probably no further than to 0.7886, yesterday’s low.