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Lucas: AUDUSD bouncing higher

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Steve Lucas outlines his trade in AUDUSD: "November’s bounce has ended a sequence of lower weekly highs and is now posting higher weekly lows and highs. The recovery is coming from close to 6 year lows (0.6895 in Sep) and it has taken prices above their 50 & 100 day average rates."


Steve thinks there's some element of safe haven buying while commodity prices have firmed, albeit temporarily.
Although the rally is corrective profit taking, signals continue to point to staying long and buying dips.
 
Buy at market and at 0.7247 
Stop: 0.7220, just below yesterday’s Marabuzo line. 
Targets: 0.7309, the 5 week top and 0.7366, the 15th Oct high.