Steve Lucas, of 3cAnalysis, plans to short AUDUSD after highlighting the potential for a longer-term bull trend to be broken.

Lucas believes that the broken trend, the 50-day average and the base of the daily Bollinger band should act as resistance. 

His view for the next day or two is therefore to stay only modestly short, but to sell into an expected bounce towards the 50-day average. 

Lucas is selling at 0.7544 with a stop less at 0.7604. Targets are 0.7415 - the seven-week low - and 0.7330, which is a 50% pullback to this year’s rally.