SaxoTV
Lambert: AUDUSD dips as Chinese economy slows
247 views
Overnight weakness from the Australian dollar provoked Clive Lambert from FuturesTechs to continue to short the currency.
The Aussie fell on Tuesday after a private survey revealed productivity within Chinese factories continued to decline. China represents Australia’s largest trading partner, explaining the currency’s dip in reaction to the news.
On Tuesday the currency also failed at a key level of USD .9078, which triggered increased selling. The sell-off in AUDUSD continued overnight and Clive believes the currency could fall to around USD .8660
Clive is looking to sell at either USD .8960 or USD .8975, with a stop placed at USD .9000. He has three targets for the trade: USD .8840, USD .8725, and USD .8650.
Disclaimer
Saxo Bank Group provides an execution-only service. All information provided on Tradingfloor.com is solely for general information. Tradingfloor.com does not contain (and should not be construed as containing) financial, investment, tax or trading advice or advice of any sort offered, recommended or endorsed by Saxo Bank Group and should not be construed as a record of our trading prices, or as an offer, incentive or solicitation for the subscription, sale or purchase in any financial instrument. Saxo Bank Group will not be liable for any losses that you may sustain as a result of any investment decision made in reliance on information which is available as part of the Tradingfloor.com or as a result of the use of the Tradingfloor.com.
Please read our notification on