Forex: Aussie Dollar & Canada’s Loonie

The Aussie Dollar broke medium-term support at $1.04 — in response to lower than expected resources exports to China and RBA hints at further rate cuts. Expect a strong correction, testing parity and possibly primary support at $0.97. Reversal of 63-day Twiggs Momentum below zero would indicate trend weakness but suggests a ranging market, with the indicator oscillating around zero, rather than a primary down-trend.

Australian Dollar/USD

Canada’s Loonie is more resilient because of stronger crude oil prices. 63-Day Twiggs Momentum holding above zero indicates a primary up-trend. Breakout above $1.01 would signal an advance to $1.06. Reversal below $0.995 is less likely but would warn of another correction — especially if crude oil weakens.

Canadian Dollar/USD

* Target calculation: 1.01 + ( 1.01 – 0.96 ) = 1.06

One thought on “Forex: Aussie Dollar & Canada’s Loonie

  1. Frances Kennedy says:

    Love these reports – Thank you- frances

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