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Lucas: Trading AUDUSD’s overnight losses

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Tuesday’s rally for AUDUSD was short lived as even steeper losses followed. Steve Lucas from 3c Analysis is convinced that this bearish trend is set to continue as the currency pair plummeted to a five and a half month low at USD 0.9168 on Wednesday.

The losses incurred yesterday triggered an important break in the neckline of a Head & Shoulders pattern. Steve notes that these patterns are often retested and is looking for this level to be re-evaluated at USD 0.9245, in the long term. The present bearish trend, however, can be seen in the 50 & 100 day moving averages.
Steve is looking to sell modestly at the market open and again at USD 0.9190. His targets for the trade are USD 0.9100 and USD 0.8950. A stop can be placed at USD 0.9245. 

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