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