Are Aussie Dollar Bulls Waving A Flag Pattern?

The Aussie Dollar appears to have created a flag pattern with the potential for an upside breakout to continue the trend that began a few months ago. This is the topic of my TraderPlanet article for this week.

Here’s a piece:

The most recent price action in $FXA is what I’d like to focus on today. We have what’s called a flag pattern, which is often considered a pattern of continuation for the previous trend.   The short-term up trend in FXA from September to late-October acts as the flagpole and helps create an estimated target if the flag pattern breaks to the upside. The flag itself is created in the narrow channel that’s taken place over the last month.


Read the rest: Are Aussie Bulls Waving A Flag Pattern? (TraderPlanet)

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About Andrew Thrasher, CMT

Andrew Thrasher, CMT is a Portfolio Manager for an asset management firm in Central Indiana. He specializes and writes about technical analysis as well as macro economic developments.