The “Power of the Pattern” was suggesting to buy the Australian $ on a channel breakout a little over a month ago (see post here). Over the past 5 weeks, International currencies have done well as the U.S. Dollar has declined. See currency comparison below.
FXA update below…
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Game Plan…Harvesting FXA after a decent short-term rally over the past 5 weeks.
Could FXA move up higher and the U.S. Dollar move lower? For sure this is possible! With FXA reflecting such outstanding relative strength during this rally, the potential for FXE or FXC to start outperforming in the short run is very possible.