Staying with long-term, monthly charts we can see the Aussie Dollar consolidating in a narrow range below resistance at $1.06. Oscillation of 63-day Twiggs Momentum close to zero also indicates a ranging market. Upward breakout is more likely and would signal an advance to $1.10*, while reversal below $1.02 would re-test primary support at $0.96.
* Target calculation: 1.06 + ( 1.06 – 1.02 ) = 1.10
On the daily chart, the Aussie is testing support at $1.05. Failure would signal another correction to test $1.02, while respect would suggest breakout above $1.06 — and a long-term advance to $1.10.
why does what prove that the US has slipped back into recession? explain?
Who mentioned US recession?
If it proves that the US has slipped back into recession, what will that do to the pair?
Further QE would weaken the greenback, strengthening the AUD.