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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.
