Forex: Australia, Canada, South Africa

Canada’s Loonie may be strengthening against the Aussie Dollar but is headed for another test of primary support at $0.95 against the greenback. Reversal of 63-day Twiggs Momentum below zero warns of a primary down-trend. Failure of support at $0.95 would confirm.

Canadian Dollar

* Target calculation: 0.95 – ( 1.02 – 0.95 ) = 0.88

The Australian Dollar is following commodities lower, headed for a test of primary support at $0.96. 63-Day Twiggs Momentum below zero warns of a primary down-trend. Breach of support at $0.96 would warn of a primary down-trend with a long-term target of $0.84. Recovery above $1.02 is unlikely but would indicate another test of $1.08.

Australian Dollar

* Target calculation: 0.96 – ( 1.08 – 0.96 ) = 0.84

The Australian Dollar respected resistance at R8.30 against the South African Rand. Expect another test of R7.90. Breach would warn of a decline to R7.50*. 63-Day Twiggs Momentum oscillating close to zero indicates uncertainty and breakout above R8.30 would test long-term resistance at R8.50.

Australian Dollar/South African Rand

* Target calculation: 8.00 – ( 8.50 – 8.00 ) = 7.50

One thought on “Forex: Australia, Canada, South Africa

  1. [...] here to see the original:  Forex: Australia, Canada, South Africa « Gold, Stocks & Forex Related Articles :Euro Can't Maintain Gains in Forex Tradin… The Trend Trader For Forex [...]

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