SaxoTV

Lucas: AUDUSD bouncing higher

448 views
November 25, 2015 aud, aud 2014, aud bounce, aud strength, aud usd, aud weakness, auda, audaud, audeur, audgbp, audit, audjpy, audnzd, audparity, audusd, audusd 2014, audusd bear, audusd bearish, audusd bull, audusd buying, audusd currency, audusd forex, audusd nonfarm data, audusd nonfarm payroll data, audusd shorat, audusd short, audusd small, audusd support levels, audusd weakness, auid, fomcmeeting, for, ford, forecast, foreign exchange, foreign exchange market, foreign exchange strategy, foreign exhcange, foreignexchange, forex, forex 2014, forex 2014 outlook, forex 2015, forex 2015 outlook, forex and more, forex aud, forex audusd, forex audusd short, forex buying, forex eurgbp, forex eurjpy, forex eurusd, forex exchange, forex gbpeur, forex gbpusd, forex idea, forex market, forex market overview, forex markets, forex saxo bank, forex selling, forex strategy, forex swiss, forex trade idea, forex trade ideas, forex trading, forex trading 2014, forex trading 2015, forex usdjpy, forextrading, forfor, formación, forward guidance, fx, fx markets, fx strategy, fx trading, saxo tv, tradingfloor.com
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.