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Lucas: AUDUSD to bounce back from psychological 0.7000 figure

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Steve Lucas is planning a short term trade in AUDUSD based on an expectation of a temporary bounce. The market is trading close to the psychological 0.7000 Fig and September’s 6 year low at 0.6895 but fresh positive consumer confidence figures and new bases for gold and copper indicate a bullish tone.

Buy at market and 0.7040 

Targets: 0.7120 and 0.7171

Stop: 0.7016