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Lucas: The Aussie's appeal as consumer confidence jumps

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The Aussie has caught London-based trader Steve Lucas' eye; it jumped after data showed consumer confidence in Australia is now back to be near its pre-budget levels.

The Westpac/Melbourne Institute consumer sentiment index rose 3.8 percent month-on-month to 98.5 in August from 94.9.

Looking at the Aussie from a technical point of view, Steve says it has been deteriorating since July's 8-month high. He adds that on Friday last week, the market stalled above the April, May, June lows. What's more, Steve explains the AUDJPY has stalled at a 200-day average.

In terms of levels, Steve says we are still In Friday's range, so he plans to buy at market as well as .9267. He will place a stop at .9248 - which is Tuesday's low - and his targets are .9307 and .9338.

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