Flight to safety weakened the Australian Dollar which broke support at $1.04 against the greenback. Expect another test of parity. 63-Day Momentum crossing below zero warns that the primary up-trend may be reversing. Breach of support would confirm.
* Target calculation: 1.05 – ( 1.10 – 1.05 ) = 1.00
The Aussie Dollar is also testing support at $1.25 against its Kiwi partner. The primary trend is down and follow-through below $1.245 would indicate a down-swing to the lower trend channel over the next few months.
* Target calculation: 1.24 – ( 1.28 – 1.24 ) = 1.20