Aussie $ 18/03/2016

I am analysing the NYSE listed Australian Currency Dollar Trust (FXA.NYSE) PnF Chart to get a tentative bullish price objective for the Aussie $.

As always these price objectives are no better than a weather forecast. Some work fine, some don’t.

Because of the nature of  PnF charting, we can calculate a tentative price objective bullish or bearish for any instrument in analysis if certain criteria is met. That is what we have now with FXA.NYSE ( wall to wall count).

I am taking a horizontal count with all the calculations/studies as shown on the chart. Figure that I come to is 86.50 cents. Will it be met or how close will we get to it ?

NYSE listed Australia IShares ETF EWA on the other hand is enjoying a double boost provided by the rising Aussie$ and the stock prices within it’s make up. 

FXA.NYSE chart is courtesy of StockCharts.com

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