I’ve discussed the Aussie dollar a few times on the blog in the past few months. It’s been declining for just about the entire year, down nearly 8% as of Friday. In my weekly piece for TraderPlanet I take look at three bullish signs for the currency.
Here’s a blurb:
While the waterfall hasn’t been turned off, there are some bullish notes that are beginning to develop on the chart and in the sentiment data for the Aussie Dollar. The drop in 2012 looks very familiar to the move we’ve been experiencing this year. Since price has fallen to last year’s low we are going to compare the similarities between the bottom in ’12 and where we currently sit.
$FXA has been in a strong down trend and is unlikely to flip directions overnight. Go read the rest to see the three signs that may be in the bulls favor.
Disclaimer: Do not construe anything written in this post or this blog in its entirety as a recommendation, research, or an offer to buy or sell any securities. Everything in this post is meant for educational and entertainment purposes only. I or my affiliates may hold positions in securities mentioned in the blog. Please see my Disclosure page for full disclaimer. Connect with Andrew on Google+, Twitter, and StockTwits.