Aussie Dollar breaks parity as commodities fall

The CRB Commodities Index gapped down to its lower trend channel in response to turmoil in Europe and the resulting stronger dollar.

CRB Commodities Index

The Aussie followed its Canadian counterpart below parity, confirming a primary down-trend with an initial target of $0.94*.

AUDUSD

* Target calculation: 1.02 – ( 1.10 – 1.02 ) = 0.94