The Aussie Dollar ($FXA) Showing Signs of Recovery

Just in the last few sessions, the currency shares Australian Dollar ETF (FXA) has started to accelerate to the upside from its month-long bottoming pattern, which increasingly is starting to look like a significant secondary 2014 low.

In other words, the fact that the FXA did not implode after violating its Jan 24, 2014, low at 86.98 is a conspicuous signal of the relative strength, or otherwise, evidence of downside exhaustion ahead of a period of potent upside recovery.

For the time being, I am looking for FXA to recover into the 91.00-92.00 target zone within a medium-term recovery-rally scenario.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!