Timely to re-visit Aussie $ in my opinion. I wont get into trend definition here but rather look for completed patterns and try and take the message which they convey.
Couple of bullish horizontal counts as shown on the chart with bullish price objectives. Wonderful software package at StockChats.com also gives a bullish price objective as can be seen at the top left. That is from a vertical count column which is marked with Blue. There is also a bearish vertical count which I will not get into. Reason being chart will get messy. Price striking 81.6 or above would negate this bearish count.
All this said, I expect a flat price action behaviour until such time that we see an upside breakout or a downside breakdown from the anticipated trading rage which the boundaries are marked with Orange support and resistance lines.
Going from all this technical evidence, my expectation with Aussie $ Index is that 90 Cents to a $1.00 may be tested. When ? I wish I knew.
What may be the beneficiaries and non – beneficiaries of the rising Aussie $ ?
Chart is courtesy of StockCharts.com
Double click on the chart for the enlarged version.
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